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Sia ? 4 years, 9 months ago
| BASIS FOR COMPARISON | POSITIVE ECONOMICS | NORMATIVE ECONOMICS |
| 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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Amar Kumar 8 years, 6 months ago
Poverty is defined as the scarcity or the lack of a certain (variant) amount of material possessions or money. Poverty may include social, economic, and political elements.
Absolute poverty, extreme poverty, or destitution refers to the complete lack of the means necessary to meet basic personal needs such as food, clothing and shelter.
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