what is the difference between positive and normative economy ? explain.
Positive economics | Normative economics |
Positive economics deals with facts | Normative economics deals with opinions on what a desirable economy should be. |
Positive economics deals with what is | Normative economics deals with what should be |
Positive economics is also called descriptive economics | Normative economics is called policy economics. |
Positive economic statements can be tested using scientific methods | Normative economics cannot be tested.
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