Role of Value Judgements

Question 1

When could governments use value judgments to make decisions?

Answer 1

Governments- e.g. choice to ⬇️ income tax rather than spend of healthcare- based on preference at that time ⏰ & values of government

Question 2

When could/would consumers & producers use value judgments to make decisions?

Answer 2

Consumers & Producers- major influence on economic decision making- save or spend- based on values of individual