Illustrate the term Positive and Normative Economics
Illustrate the term Positive and Normative Economics?
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1. Positive economics describes the economy as it actually is, avoiding value judgments and attempting to establish scientific statements about economic behavior.
2. Normative economics involves value judgments about what the economy should be like and the desirability of the policy options available.
3. Most disagreements among economists involve normative, value-based questions.
Drawing a production possibilities frontier needs the supposition that: (1) Decision makers encompass discretion over resource accessibility. (2) Technology is constant. (3) Income is fairly distributed. (4) Resources are considerably diverse. (5) At least three goods
Illustrate how Macroeconomics examines the economy as a whole?
Within the Wealth of Nations, argument by Adam Smith such that a nation’s true wealth is its capability to: (1) obtain stocks of financial capital. (2) inspire its people’s courage and diligence. (c) give
Explain how the Circular Flow Model for a Market-Oriented System?
What are the reasons for change in expanded production possibilities with women?
What problem does barter entail?
Illustrate other than price many factors determine the outcome?
Describe the duty of bondholders in a bond?
Give a brief introduction of the term Risk factor?
“Prices are the automatic regulator that tends to keep production and consumption in line with each other.” Explain.
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