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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?
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Explainbainlimitpricetheory
merits and demerits of international trade
An economics branch which keep concentrate on illumination the economic decisions people make in practice, particularly when these conflict with what conventional economic theory p
1. Assume that Malaysia can produce cencaluk at 25 bottles per worker and belacan at RM5 per worker. Assume that Indonesia can produce 10 bottles of cencaluk per worker and 20 pack
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Society of International Financial Telecommunications: The foreign exchange market operates worldwide, that is, the reach of the foreign exchange market is global. The foreign
Prove that utility approach and indifference curve yield the same consumer equilibrium
Q. What is Formal Economy? Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structu
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