Question

what is normative economics concerned with?

Answer 1

Answer:

Positive economics describes and explains various economic phenomena or the "what is" scenario.

Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be."

While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.

Answer 2

Answer:

Normative economics focuses on the value of economic fairness, or what the economy "should be" or "ought to be." While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.