Situation be described in terms of positive economics

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Explain the difference between positive and normative economics and how this affects ethical decision making

Briefly define the following two terms in your own words:

Positive economics

Normative economics

For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity, and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase costs for everyone.

How would this situation be described in terms of Positive economics?

How would this situation be described in terms of Normative economics?

Which of these do you think is the correct way to describe this situation and why?

Reference no: EM131091294

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