a) positive and normative statements

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4 Terms

1
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  • define a positive statement

  • an objective statement that is based on empirical evidence and can be proven true or false

2
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  • define a normative statement

  • a value judgement that is an expression of an opinion or belief

3
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  • describe how value judgements impact the economy

  • they influence individual economic decisions and the government’s economic policies

4
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