economics : theme 1 - positive and normative statements
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Last updated 4:29 PM on 4/13/25
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5 Terms
1
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what is a positive statement
a statement about what is and that contains no indication of approval or disapproval (is a fact)
2
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what is a normative statement
a value judgement about whether a situation is desirable or undesirable
3
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why are these important in economics
helps people with different views about what is desirable to communicate with each other
4
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in order to make a what must both statements be combined
a policy statement
5
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opportunity cost definition
measures the cost of any economic choice in terms of the next best alternative foregone
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