Question

explain the positive and normative aspect of microeconomics​

Answer 1

Answer:

Positive economics:

• Positive economics describes and explains various economic phenomena or the "what is" scenario.
• Positive economics is a stream of economics that focuses on the description, quantification, and explanation of economic developments, expectations, and associated phenomena.
• It relies on objective data analysis, relevant facts, and associated figures.
• It attempts to establish any cause-and-effect relationships or behavioral associations which can help ascertain and test the development of economics theories.

Normative economics :

• Normative economics focuses on the ideological, opinion-oriented, prescriptive, value judgments, and "what should be" statements aimed toward economic development, investment projects, and scenarios.
• Its goal is to summarize people's desirability (or the lack thereof) to various economic developments, situations, and programs by asking or quoting what should happen or what ought to be.
• Normative economics is subjective and value-based, originating from personal perspectives, feelings, or opinions involved in the decision-making process.
• Normative economics statements are rigid and prescriptive in nature.
• They often sound political or authoritarian, which is why this economic branch is also called "what should be" or "what ought to be"economics.

Explanation:

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