13. The difference between Positive and Normative Economics is
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Positive economics describes and explains various economic phenomena or the "what is" scenario. ... While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.
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..................Positive economics describes and explains various economic phenomena or the "what is" scenario. ... While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.
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