Difference between positive and normative economics …
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Yogita Ingle 5 years, 11 months ago
asis
Positive Economics
Normative economics
Meaning
Studies with what is or how the economic problem are originally solved.
Studies with what ought or how the economic problem should be solved.
Validity
It can be verified with original data.
It cannot be verified with original data.
Aim
It aims to provide original description of an economic activity.
It aims to determine the principles.
Suggestive
It is based on set of collected facts.
It is based on opinion of the individual.
Example
Prices and inequalities of income level in an economy.
Government should generate more employment opportunities.
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