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Introduction

Question

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Distinguish between positive economic analysis and normative economic analysis.

Solution

Positive economic analysis deals with things 'as they are' whereas normative economic analysis deals with things 'as they ought to be'.

Some More Questions From Introduction Chapter

Can the PP curve shift?

State factors which cause rightward (upward) shift of PP curve.

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?

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