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

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2
Q

statements in policy making

A

policy decisions always come down to value judgement that can be enhanced by positive statements

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3
Q
A

moral judgement deciding whats right and wrong
political judgement deciding whats best for the country

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