1.1.2 Positive and normative economics

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5 Terms

1
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What is a positive statement

A statement that can be proven by available data

2
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Give an example of a positive statement

3
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What is a normative statement

An opinion based statement that can’t be proven

4
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Give an example of a normative statement

5
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Why are positive and normative statements important in economics

Positive statements prove the initial normative statement