Illustrate normative statement
In economics illustrate normative statement?
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The term normative statement in economics is just like a normative statement in any other academic subject. We can say it is a statement about something with an implicit value judgment or moral claim.
It is differ from a descriptive statement i.e. supposed to be ideologically or value neutral.
Utility: The wants satisfying power of a commodity is termed as utility.
When there is an excess in the balance of trade? Answer: When export > import (that is, when export is greater than import).
Hello, I did attach case study on Microeconomics. Regards,
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