1. Explain the concepts of positive and normative economics with illustrations.
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he concepts of positive and normative economics with illustrations
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Positive economics describes and explains various economic phenomena, while normative economics focuses on the value of economic fairness or what the economy should be. ... Positive economics is objective and fact-based where the statements are precise, descriptive, and clearly measurable.
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Positive economics describes and explains various economic phenomena, while normative economics focuses on the value of economic fairness or what the economy should be. ... Positive economics is objective and fact-based where the statements are precise, descriptive, and clearly measurable.
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