1.1.2 - positive and normative economic statements
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7 Terms
2 types of investigation in economics
positive + normative
positive economics
scientific/objective study
can be verified based on evidence
normative economics
opinions based - value judgements + policy decisions
cannot be verified
what are value judgements
normative opinion on a positive statement
eg. ‘the government should make education free’, so you value education based on a stat given to you, whereas someone else might take that same stat and say ‘the government should scrap mandatory education’
economic decisions are rarely…
…right or wrong
economic decisions are usually…
…concerned with normative value judgements - a matter of opinion
how do people back their normative opintions
using positive economics to support their view
Note 
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