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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?
#question.what is meant by ppc?illustrate the central problems of aneconomy with this curve.
Suppose you own a home remodeling company. You are currently earning short-run profits. The home remodeling industry is an increasing-cost industry. In the long run, what do you ex
impact of computer technology on nigerian economy
Explain the monopolistic competition model of equilibrium with price competition under chamberlin s model
Economies of Common Services: Through the concentration of firms in a particular industry in a given geographical location, the firms may enjoy certain commonservices.These
sequential game
group trend including ionic and atomic radii,electron affinity,electronegativity,charge density and ionization potential
The Concept of Money: Money or paper currency serves three functions in any case: it is the medium of exchange, a store of value and the unit of account. Before paper money was
Double Jeopardy A condition where an entrepreneur's main source of income and net worth depend on the entrepreneur's organization.
Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go
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