review on Positive and Normative Economics

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9 Terms

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Positive Economics

Describes how the economy really works. Can be proven true or false.

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Positive Economics Example 1:

If gas prices rise, less people will buy gas.

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Positive Economics Example 2:

France has a higher unemployment rate than the U.S.

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Positive Economics Example 3:

Lowering the price of cigarettes will increase demand among teens.

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Normative Economics

Describes how the economy should work. (opinion)

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Normative Economics Example 1:

The distribution of income should be more equal.

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Normative Economics Example 2:

The unemployment rate should be lower.

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Normative Economics Example 3:

The wage gap among men and woman is unfair.

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Normative Economics Example 4:

Minimum wage should be higher.