1.1.2 - Positive & Normative Economic Statements Flashcards

1
Q

Describe Positive Statements
(5 Points)

A

~ Objective made without any obvious value judgement.
~ Based on empirical evidence
~ Tend to be statements of fact.
~ Can be proven true or false.
~ Often expressed in the form of a hypothesis.

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2
Q

Describe Normative Statements
(2 Points)

A

~ Focuses on value judgements.
~ Cannot be proven or disproven.

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3
Q

What Is The Role Of Value Judgements?

A

Influence individuals choices in the economic decisions they make.

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