Positive economics is Oa based only on true statements Ob similar to normative economics O c objective and fact based Od based on opinions A Positive statement Oaisa statement of what is Obsastatement of what ought to be Oc cannot be tested by checking it against the tacts Od. None of these
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- What is the difference between a positive and a normative statement?Explain why scarcity leads to tradeoffs.During the Second World War, Germanys factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germanys production possibilities curve?
- Why do economists use the ceteris paribus assumption?Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?
- What is scarcity? Can you think of two causes of scarcity?3:51 A A . .l 63% O Applied Economics Mo... , 2 Scanned with Camscanner What I Can Do Identify keywords from a given economics word. 1. ECONOMICS 2. ECONOMICS as SOCIAL SCIENCE n.. afn-tnan | cuc. Annlied Fronomirs Ouarter 1: Module 1 Pae Scanned wth Ca eDifferentiate between positive economics and normative economics give atleast four difference
- The world in which we live is complex and to understand it, human beings make use of some orother simplification process. A theory can accordingly be seen as an attempt to simplify things.Such an observation may come as a surprise to those who have often heard remarks to the effectthat such and such a theory is difficult, or at the least terribly complicated. We should neverthelessremind ourselves that a theory involves an attempt to simplify things – it is the world out there thatis the complicated entity. A particular theory (or model) is merely trying to reduce it to manageableproportions, at least as far as understanding our environment is concerned.”In economics, theory is presented in a simple form by making the…1.23a) Post hoc assumptionb) Fallacy of compositionc) Ceteris paribus assumptiond) Blinkered approachDo economists have any particular expertise atmaking normative arguments? In other words, they haveexpertise at making positive statements (i.e., what willhappen) about some economic policy, for example, butdo they have special expertise to judge whether or notthe policy should be undertaken?l TEW G 3:51 AM Jasmond King... Economics H8 Social fnudies Lnit 01 Lesson: 01 Basic Economic Problem Graphic Organizer 1 e2010, TESCCC 07010 page 12 of 26