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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?
Program Spending: Government spending that is undertaken to provide useful public programs. Program spending includes both transfer payments which are intended to supplement the in
about the price determination with the held of diagramatic explanation numerical explanation related to the concept
Public Expenditure Trends: The expenditure pattern of the Government sector has been generally guided by the concern about the role of the State in the economy, both as invest
PRICE ADJUSTMENTS UNDER FIXED EXCHANGE RATE: In a flexible exchange rate regime trade deficits (surpluses) are automatically corrected by a depreciation (appreciation) of a co
maximum profits will occur at the output level
Where the equation of isoquent drived from?
Division of Labor The occupation or breaking down of jobs into simple and repetitive responsibilities.
when does price and output determined in the unregulated monopoly
Qdx=-30p+0.10+4pr+4t
explain the concept of producers'' equilibrium
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