Nature of economics-positive and normative statements Flashcards
1
Q
positive and normative statements
A
positive-objective-fact based
normative-value judgement (opinions) cant be tested
2
Q
statements in policy making
A
policy decisions always come down to value judgement that can be enhanced by positive statements
3
Q
A
moral judgement deciding whats right and wrong
political judgement deciding whats best for the country