1.1.2 Positive and normativ statements

Question 1

Positive statements

Answer 1

-Objective and factual
-Can be tested and verified

Question 2

Normative statements

Answer 2

-Subjective
-Value judgements and opinions

Question 3

Value judgements in influencing economic decisions and policy making

Answer 3

-Involve choices influenced by individual or societal values

-Different groups hold conflicting values leading to debates over policies

-Economists are provided with objective data to make informed decisions

-Ethical decisions, public opinion