▶️▶️▶️Define positive and normative economics in your own words.
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Positive economics:1.it shows what actual is
2.it can be verified
3.it is backed by data
4.it shows the actual state of the economy
5.for eg, growth rate of india is 2%
Normative economics :
1.it shows what should be
2.it doesnt back by any data
3.it cant be verified
4.it is used for future planning
5.eg,PPC , growth rate of india should be 5%
I gave this ans in difference form it will give you full marks in exam.
2.it can be verified
3.it is backed by data
4.it shows the actual state of the economy
5.for eg, growth rate of india is 2%
Normative economics :
1.it shows what should be
2.it doesnt back by any data
3.it cant be verified
4.it is used for future planning
5.eg,PPC , growth rate of india should be 5%
I gave this ans in difference form it will give you full marks in exam.
Answered by
2
Heya mate.....
Positive economics is related to the analysis which is limited to cause and effect relationship. On the other hand, normative economics aims at examining real economic events from the moral and ethical point of view. It is used to judge whether the economic events are desirable or not.
@skb
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