Economy, asked by samutheartist26, 6 months ago

How does positive economics differ from normative economics? Explain with illustrations

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Answered by Anonymous

4

Answer:

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. Most public policy is based on a combination of both positive and normative economics.

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