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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. State the Keynesian Theory of employment? Under employment Theory, Govt interference Aggregate Demand- Aggregate supply- Effective demand, Income and employment consumption
Distinction between Human Capital and Resource and Manpower Health and education are normally considered as human capital. Health includes both physical health and fitness. E
A tax imposed on a market with an inelastic demand and an elastic supply will cause
1. Consider a world with two assets: a riskless asset paying a zero interest rate, and a risky asset whose return r can take values +10% or –8% with equal probability. An individua
Q. Define Regressive Tax? Regressive Tax: A tax in that lower-income individuals or households bear a proportionately greater burden of the tax. Sales taxes aretypically consid
What is elasticity of supply
Determinants of Private Demand - Unemployment Rate Unemployment rates linked to specific courses of study can be useful indicators to determine investment in education. Their
How to graph the market demand on tobacco taxing in california
Determinants of quantity supplied of a good The quantity of supplied of a product is influenced by factors such as the market price of the commodity, prices of inputs, techno
What is significance of methodological economics...
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