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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?
Monopoly is that form of market where there is only one firm producing a particular product. Being the sole supplier, the monopoly firm has the power to control prices and output t
factors that affects the volume of production
the prevention of major swings in economic activity cn be handled most easily by the financial or government sector?
demand elasticity analysis and its significance in pakistan
What does economic theory contribute to managerial economics? Explain
IS INDIAN COMPANIES RUNNING A RISK BY NOT GIVING ATTENTION TO COST CUTTING?
Balance of payment: It is an account that summarizes a country’s total payments and total receipts from international economic transactions within a specific period usually on
what are the forecasting techniques
Mercantilism:It is an economic theory from pre-capitalist times which held that a country's prosperity depended on its ability to produce large and persistent surpluses in its fore
what is a sub game perfect Nash equilibrium
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