Question

what are positive economic and normative economic...

Answer 1

positive economic are objective and fact based
normative economics are subjective and value based

Answer 2

Answer:

POSITIVE ECONOMICS -

•Positive economics seeks to explain what actually happens.

•It is described as 'what is?'

•Conclusions are drawn on the basis of cause and effect.

NORMATIVE ECONOMICS -

•It involves value judgements about economic fairness or good-bad or right-wrong.

•It is totally value based.