Positive + Normative Economics statements 1.1.2

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MICRO 1.1.2

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4 Terms

1
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Positive statements

Objective statement, can be tested or proven/disproven. Describe w/o value judgements.

eg: Warm weather will lead to an increase in ice cream sales.

2
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Normative statements

Subjective, based on opinion + value judgements so cannot be proven/disproven.

eg: The free market is the best way to allocate resources

3
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Role of value judgements

Positive statements used to back up normative statements

4
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