Question

explain the concept of positive and normative economics​

Answer 1

Answer:

Positive economics describes and explains various economic phenomena, while normative economics focuses on the value of economic fairness or what the economy should be. To put it simply, positive economics is called the "what is" branch of economics.

Answer 2

Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be." While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.

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