Question

explain the difference between positive and normative economics.

Answer 1

Dear student,

The following points describe the difference between positive and normative economics:

Positive Economics	Normative Economics
It describes the actual situation as it is.	It deals with ideal situations and describes what should be.
It does not involve personal value judgement.	It involves personal value judgement.
Such situations or descriptions can be verified.	Such situations or descriptions cannot be verified.