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Positive and normative perspective

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1. Why do economists analyze the macro economy from both a positive and normative perspective? In your opinion, which is more important and why?

2. List and describe in your 3 determinant of  aggregate demand and 3 determinants of aggregate supply? Please make sure you provide the correct answers to these question.

3. Explain how supply or demand be affected when the following things occur:

Oranges- after a tornado

Automobiles - after a major recall

Spinach- after the FDA announces that spinach can prevent cancer

Flu Vaccines - after technology was discovered to mass produce flu vaccines

3. Compare and contrast the command economy, the capitalist economy, the traditional economy and the mixed economy.

4. What does the GDP indicate about an economy? Can a GDP be manipulated and thus provide inaccurate information about a country's economic production?

Reference no: EM131596405

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