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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?
Structure of benzene
Homer consumes only donuts and beer. When he consumes less than 10 beers, Homer would gladly drink one more. After drinking 10 beers, Homer is so drunk that he does not notice any
What is optimal choice of consumer according to consumer behavior? Consumer's Optimal Choice: In the fundamental problem of preference maximization, the set of affo
Explain about the money metric utility functions. The Money Metric Utility Functions: It is a nice construction including the expenditure function which comes up into a vari
Why government cannot print new currency to pay the debts? When there is deficiency of internal resources then government borrow. Government can borrow either from central ban
A tax imposed on a market with an inelastic demand and an elastic supply will cause
Structural Unemployment: This is unemployment resulting from changes in the pattern of demand for goods and services or changes in technology.These changes may in turn alter
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
Seaports and Airports: Seaports India has 12 major ports and about 185 minor ports over its coastline spread over 7,000 kms. Major ports are managed by the Central Government
REAL BUSINESS CYCLES: The extent of this module is partly indicated in the title. It is about real business cycle (RBC) theory. In addition, it exposes you to New Classical Bu
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