Distinguish between positive economics and normative economics
Answers
Answer:
Positive economics describes and explains various economic phenomena or the "what is" scenario. Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be."
Explanation:
please mark me brainliest
Answer:
Positive Economics refers to a science which is based on data and facts. Normative economics is described as a science based on opinions, values, and judgment. Positive economics is descriptive, but normative economics is prescriptive. Positive economics explains cause and effect relationship between variables.
Some examples of positive and normative statements:
Income inequality should be reduced by raising taxes on high-income earners (Normative)
Most healthcare should be provided free at the point of use (Normative)
Bio fuels and oil are substitutes in the energy industry (Positive)
hope it helps...