Explain the concept of positive and normative economics with examples.

Positive economics refers to the matter of the presence of the theory along with the proven facts and figures that are taken into account before developing a theory. Law of demand is an example of positive economics.

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Normative economics refers to the beliefs that support the valued judgement which is better for the nation’s economic future and for social welfare. Having a belief that the income should be distributed evenly in the economy is an example of normative economics.

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