Illustrate the term Positive and Normative Economics
Illustrate the term Positive and Normative Economics?
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1. Positive economics describes the economy as it actually is, avoiding value judgments and attempting to establish scientific statements about economic behavior.
2. Normative economics involves value judgments about what the economy should be like and the desirability of the policy options available.
3. Most disagreements among economists involve normative, value-based questions.
The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Illustrate the term Economic Rationale Illustrate the term Economic Rationale?
Illustrate the term Economic Rationale?
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Economic efficiency is present while the: (w) economic system is a pure socialist system. (x) resources obtainable are slightly wasted. (y) value of output is maximized, specified restricted resources. (z) utilization of resources is minimized. <
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