Economics relies on a contrast between positive assertions, which describe the world as it is, and normative claims, which describe how the world should be, in order to characterize economic behavior as it actually occurs.
What are economics?
Economics is the study of scarcity and how it impacts a wide range of complex societal challenges, including the use of resources, the creation of goods and services, the increase in productivity and welfare through time, and many other complex problems. Economic analysis' fundamental purpose is to examine individuals. It seeks to make clear the motivations underlying people's choices, deeds, and reactions to successes or failures. Sociological, psychological, historical, and psychological topics are all included in economics research.
What is the difference between positive economics and normative economics?
Different economic phenomena are described and explained by positive economics. The goal of normative economics is to determine what the economy "should" or "ought" to be. Normative economics is founded on value judgments, as opposed to positive economics, which is based on truth and cannot be approved or disapproved.
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