Positive & Normative Economic Statements Flashcards
1
Q
What is positive economics?
A
Positive Economics- facts- 🧪 approach- statements can be tested ✔️ or ✖️
2
Q
What is normative economics?
A
Normative Economics- value judgement- ✖️ 🧪 approach- statement about being right/wrong- include value-laden words (unfair, should etc)
