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Positive versus Normative Economics
Positive Economics
Positive economics considers with the predictions or observations of the particulars of economic life. For instance:
What will be the impact of rise in wages on the price or cost of a product?
Normative Economics
Normative Economics is the value decisions about how economics must work, based on some moral theories or preferences or choices?” For instance:
What wage rate must be given to the auto workers to make them an active
Part or member of the society?
Q. What is Climate Change? Climate Change:As a consequence of cumulative emission of carbon dioxide (a by-product of fossil fuel use) and other chemicals over past two centurie
a. Generally, there will be a difference between the CV and the EV. Why? b. The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it
Find the market-clearing price and quantity of burritos.
THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate
Expectations played a major role in Keynes' theory of the determination of aggregat output and employment in market economies in the short run. Expectations about future yields on
explanation of sources of finance to business enterprises in Nigeria
Changes in Market Equilibrium Equilibrium prices are known by the associate level of supply and demand. Supply and demand are decided by particular values of supply & demand
How do we evaluate the value of money? Supply and demand verifies the value of a currency. If demand is high, the value rises, and vice versa. Factors that affect supply and de
Problem 1: i) How might unemployment arise? ii) Critically explain how fiscal policy can be used to reduce the unemployment rate in an economy. iii) ‘'Inflation always
Economists view depreciation as capital consumption for them, there are two distinct ways of charging for depreciation (1) the depreciation of equipment must equal its opportunity
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