Question

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HELP ! HELP ! HELP !

$\ \textless \ br /\ \textgreater \ \mathfrak{\huge{\red{QUESTION}}}$

➡EXPLAIN THE CONCEPT OF POSITIVE AND NORMATIVE ECONOMICS WITH ILLUSTRATIONS.

➡No spamming ✖✖


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Answer 1

Hey mate ☺️

Positive Economics:

Positive economics is a study of what and why an economy operates as it does. It is also known as descriptive economics.

... IT STUDIES THE THINGS AS THEY ARE, IT ALSO EXPLAIN THE CAUSE AND EFFECT OF THINGS {economic problems}.

... POSITIVE ECONOMICS IS NEUTRAL BETWEEN WANTS.

... IT REFUSES TO PASS VALUE JUDGEMENTS.

... ACCORDING TO POSITIVE ECONOMICS, THE DUTY OF AN ECONOMIST IS TO EXPLAIN AND EXPLORE AND NOT TO ADVOCATE OR CONDEMN.

Normative Economics :

Normative economics is the study of how the economy should be. It is also known as policy econmics.

... IT STUDIES THE RIGHTNESS AND WRONGNESS OF THINGS, ALSO SAYS HOW THE THINGS SHOULD BE.

... IT SUGGESTS NECESSARY REMIDIES TO ECONOMIC PROBLEMS WHILE POSITIVE ECONOMICS DOES NOT.

... IT DEALS WITH IDEALISTIC SITUATION.

... IT PASSES THE VALUE JUDGEMENT.

... ACCORDING TO NORMATIVE ECONOMICS, THE DUTY OF ECONOMIST IS NOT ONLY TO EXPLAIN AND EXPLORE BUT ALSO TO ADVOCATE AND CONDEMN.

I hope it helps you ☺️✌️✌️

Answer 2

Answer:

jo upar vaale ne likhya syi aa