Question

Match the following features to the respective studies.

• A. Normative Economics
• B. Microeconomics
• C. Macroeconomice
• D. Positive Economics

Answer 1

i) The study of economics at an individual level is Microeconomics, while Macroeconomics is the study at the aggregate level.
ii) Positive economics means a purely objective study of economics and is impartial. In normative economics, economists go beyond just explaining the world but try to improve the world based on some norms or values.