1.1.1/1.1.2 Economics as a social science : Positive and Normative Statement
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5 Terms
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What is Ceteris Paribus?
An assumption used in economics meaning "all other factors remain constant," allowing the relationship between two variables to be isolated and analysed.
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What is a positive statement?
A statement of fact that can be scientifically tested to see if it is correct or incorrect
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What is a Normative Statement?
Are subjective, questionable comments that are difficult to test.
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What are examples of positive statements?
The car had 4 doors
The folder was yellow
The school is called Beal High School
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What are examples of normative statements?
Beal is a better school than Valentines
Walking to school is way faster than by car
Business is better than Economics.
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