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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?
What are externalities? Give an example of positive and negative externality and explain why the market outcomes are inefficient in the presence of externalities
why is normal rate of return on capital included in the total cost and what implication does it have
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Q. What do you meant by Retained Earnings? Retained Earnings: Business profits that aren't distributed to shareholders (by dividends or other pay-outs) thoughinstead are retain
Participation Rate:Proportion of working-age individuals who decide to ‘participate' in the labour force, by either being employed or actively seeking work. Precise definition of w
How do I draw and interpret a combined ppc curve?
Policies for Technological Advance Without better technology, increases in capital stock generated by investment rapidly run into diminishing returns. And without improvements
May I get a quote on title EM13106443. Thanks
what is linear programming
National income: The national income or product or expenditure provides a measure of total value at factor cost of final goods and services, which are available either fo
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