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Introduction of Micro-Economics — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsIntroduction of Micro-Economics2 Marks
Question
Distinguish between normative economics and positive economics, with suitable examples.###Distinguish between positive and normative economics. Give an example of each.
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Answer

S. NoBasisPositive EconomicsNormative Economics
1.MeaningPositive economics deals with economic issues as they are. It is based on facts and actual data.Normative economics deals with economic issues as they ought to be. It is based on opinions and is suggestive in nature.
2.ObjectivesPositive statements are strictly neutral towards ends.Normative statements can only be assessed relative to beliefs and value judgements.
3.ExampleGrowth rate is 5%; industrial output grew by 3% etc.The unemployment rate should be reduced.


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