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"What is the difference between positive economic analysis and normative economic analysis Give one example each of positive and normative economic issue or question or statement"
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Data collection and analysis is used to assert the validity of the statement by backing up the claim made using facts. For example, inflation rate in the economy can be said to be 6%. This statement presents a fact that can actually be proven by evaluating price changes in the economy over a given period of time.
In this analysis, claims made by normative statements and/or theories cannot be neither be tested nor empirically proven. Normative statements in most cases employ factual information to make economic claims, but the statements by themselves are not factual. They are therefore logical claims but lack evidence. Normative analysis encompasses high value judgment and personal beliefs. In this regard, they are hard to falsify or verify. People who make normative statements basically present their own opinions, based on their morals and standards of life (Mukherjee 19). Unemployment is better compared to inflation is an example of a normative statement. This statement has no basis of being tested. Therefore, it cannot be empirically
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According to the Economic Cycle Research Institute (ECRI), more than three years ago, the 2008 financial crisis already triggered studies on longstanding pattern of slowing growth, characterized by higher cyclical volatility and lower trend growth. In layman’s terms, in the short run, we may be having higher upswings of economic growth.
Positive statements can be structure in terms of what occurred in the past, what is occurring in the present and future probable economic outcomes. For instance an economist may state that lowering the prime rate will cause the inflation of the nation to go down.
Research report on normative approach and positive approach Contents Introduction 3 Normative theory 4 Example 6 Advantages 6 Disadvantages 6 Positive Approach 7 Example 9 Conclusion 10 References 12 Introduction Since 15th century accounting is having its existence in the business world.
The report says that the Reserve Bank of India (RBI) has reduced interest rates in the country from 7.50 percent to 7.25 percent with the aim of introducing fresh waves of economic growth in the economy in the face of sluggish economic growth. It is also reported that the RBI cannot freely embark on such expansionary measure since inflation rate in the country is not at a safely low standard.
In his work, he used a nonlinear function that negatively related unemployment to inflation between 1861 and 1913; he then used this function to explain the relationship between unemployment and inflation for the remaining period of up to 1957. These results were adopted quickly by most of the economists that time since they also partly confirmed the working of the competitive market forces of demand and supply.
According to the paper, airports are not mere locations for aircrafts, but rather they are key economic resources that provide various economic impacts on the economy of the local area or the country in general. Airports determine the accessibility of a region or country via air transport and its suitability for conducting international business.
The purpose of the essay is to elaborate upon the economic theories used in the article. Also, the paper analyzes the different economic situations by the means of graphs.
The main theme of the article is that the prices of durum have been consistent throughout the
The reduction in prices of products and services leads to decreased revenue. This means that price elasticity of demand for the company is elastic and the same applies to the other products and services offered in
The economy strengthened after the dip in the 200 to mid 2009 period. An outlook, by the Federal Reserve, in the year 2011 for the year 2012 showed that the economy would grow by 2.5%. The growth was predicted amidst
The elasticity of demand is used in determining the volume of sales which will be reached when a price changes.
This is refers to the price sensitivity to the demand
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