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Diffrence between positive and normative economics

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Diffrence between positive and normative economics

    • Posted by Rudey Gaming 6 years, 1 month ago

    CBSE > Class 12 > Economics
    • 1 answers

    Gaurav Seth 6 years ago

    <th>BASIS FOR COMPARISON</th> <th>POSITIVE ECONOMICS</th> <th>NORMATIVE ECONOMICS</th>
    Meaning A branch of economics based on data and facts is positive economics. A branch of economics based on values, opinions and judgement is normative economics.
    Nature Descriptive Prescriptive
    What it does? Analyses cause and effect relationship. Passes value judgement.
    Perspective Objective Subjective
    Study of What actually is What ought to be
    Testing Statements can be tested using scientific methods. Statements cannot be tested.
    Economic issues It clearly describes economic issue. It provides solution for the economic issue, based on value.

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