Positive and Normative economic statements

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4 Terms

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What is a positive statement?

Statements that can be tested and proved or disproved

2
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What are normative statements?

Statements that cannot be tested and are based on opinions

3
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What is the role of value judgements in influencing economic decision making and policy?

Economists provide a framework where complex normative issues can be modelled positively.

4
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How does this help our decision making?

Allows economic agents to make better decisions by providing an objective prediction of the outcome of choices