How does positive economics differ from normative economics? Explain with illustrations.
100 to 150 words
Answers
Explanation:
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.
ANSWER:
Positive economics describes the matter of the presence of a theory with proven facts and figures that needs to be taken into account before developing the theory. For example, Law of demand where the theory is derived with proven facts.
Positive economics describes the matter of the presence of a theory with proven facts and figures that needs to be taken into account before developing the theory. For example, Law of demand where the theory is derived with proven facts.Normative economic is based on beliefs that are supported by valued judgement which is better for the nation's economic future as well as leads to social welfare. For example, belief that income should be distributed evenly in the economy.
Hope it is help you..plzz mark me as brainliest and thanks my answers ✌️✌️