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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?
Problem: i) What might be the possible causes of inflation according to economic theory? ii) Taking stable prices and full employment as two macroeconomic objectives of gov
Define Amagat law of partial volume, Amagat law of partial volume The total volume of a mixture of non reacting gases at constant temperature & pressure is equal to sum of indiv
how does the program food stamps work????
how might opportunity cost help to explain the pattern of international trade?
using necessary and sufficient condition explain consumer surplus diagrammically and mathematically?
what is ''Prisoner''s Dilemma'',of non-cooperative game?estion..
I am having a hard time figuring out how to find marginal product.
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
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Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
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