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3 cards from this section. Quick, good the night before a test.
Define positive economics.
Think about what can be observed or tested.
What is a normative economic statement?
It often includes words like 'should' or 'ought.'
What does positive economics focus on?
Remember, 'Positive refers to facts!'
True or False: Normative economics involves value judgments.
Think about what we think SHOULD happen.
Develop a policy proposal based on a normative economic statement and support it with three positive economic analyses.
Think of how each analysis supports your value proposition.
Explain a current event in terms of both positive and normative economics, discussing the implications of each.
Identify the factual elements and value judgments.
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