Distinguish between positive and normative economics. |
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| Ans : The difference between positive and normative economics are as follow:
Positive economics Normative science
i. It expresses what it is. It expresses what it should be.
ii. It is based on facts. It is based on ethics.
iii. It deals with how an economic problem is solved. It deals with how an economic problem should be solved.
iv. It does not consider value judgment. It considered value judgment.
v. It deals with realistic situation. It deals with idealistic situation.
vi. It clearly describes economic issues. It provides solution for the economic issue based on value judgment.
vii. Statement can be tested using scientific method. Statement cannot be tested.
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