Economics Exam 1 Topics

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Positive Statements
Positive statements are objective statements that can be tested, amended or rejected by referring to the available evidence. Positive economics deals with objective explanation and the testing and rejection of theories.
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Normative Statements
A value judgement is a subjective statement of opinion rather than a fact that can be tested by looking at the available evidence Normative statements are subjective statements – i.e. they carry value judgments.
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A value judgement is a subjective statement of opinion rather than a fact that can be tested by looking at the available evidence Normative statements are subjective statements – i.e. they carry value judgments.

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Normative Statements

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