CBSE Class 12-commerce Answered
Difference between positive economics and normative economics
Asked by sreenathsnair123 | 11 Feb, 2019, 08:23: AM
Expert Answer
Positive and Normative Economics
|
Basis |
Positive Economics |
Normative economics |
|
Meaning |
Studies with what is or how the economic problem are originally solved. |
Studies with what ought or how the economic problem should be solved. |
|
Validity |
It can be verified with original data. |
It cannot be verified with original data. |
|
Aim |
It aims to provide original description of an economic activity. |
It aims to determine the principles. |
|
Suggestive |
It is based on set of collected facts. |
It is based on opinion of the individual. |
|
Example |
Prices and inequalities of income level in an economy. |
Government should generate more employment opportunities. |
Answered by Tharageswari S | 11 Feb, 2019, 09:07: AM
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