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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?
Sita expects her future earnings to be worth Rs. 100. If she falls ill, her expected future earning will be Rs. 25. There is a belief that she may fall ill with probability of , -
Hydrogen, Alkali and Alkaline earth metals Lithium atom and ion are very small and are comparable in sizes to those of Mg. Their polarizing power (charge / radius) are almost t
Effects of inflation: On Income Earners:Those on fixed incomes or assets (fixed in nominal terms) lose. However, those on incomes, which are directly related to the price leve
What are the differentiated conditions of economic issue? While discussing an economic issue, this is very important to differentiate between: (a) Two types of conditions: e
You are the CEO of Comchip, a firm that sells specialized computers. Each of the firm's computers contain a unique chip that is produced at Comchip's west coast plant at a cost of
Explain how monetary and fiscal policies can be used to alleviate (= lessen) dissimilar types of inflation. Define monetary and fiscal policies and show how these policies mig
what is cob duglus production function?
The prevention of major swings in economic activity can be handled most easily by the
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
Benefits of Education The returns a person/society (state/government) gets from acquiring education is referred to as benefits from education. If such returns are paid/receive
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