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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?
Consider the following flow (in thousands of people) between the various labour market states in a particular month:
Q. Perfect Competition in neoclassical economics? Perfect Competition: An abstract assumption, central to neoclassical economics, in that companies are so small that none can i
if the price of labour is 2000 per hour and the price of capital is 1000 per hour.is there an efficiency point of production.
importance of monopolistc competition in Indian market.
schedule and diagram of iso cost
Communications: Noting the importance of improved communications in increasing productivity and welfare, the New Telecom Policy (NTP) was introduced in 1999. NTP 99 was aimed
explain the marginal produtivity theory
Unions are Organizations of working people which aim to bargain collectively with employers in order to improve workers' bargaining power, regulate working conditions and raise wag
Special Drawing Rights: SDRs are entitlement granted to member countries enabling them to draw from the IMF apart from their quota. It is similar to a bank granting a credit l
Why a high level of labor force growth is correlated A high level of labor force growth is correlated--even though less powerfully--with a low level of output per worker. The a
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