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Theme 1: Introduction to markets and market failure
The nature of economics
Positive and normative economic statements
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Lucas B
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Cards (2)
What is a positive economic statement?
A statement based on
facts
that can be proven or disproven, without including
value
judgements
What is a normative economic statement?
A statement that makes a
value
judgement
about what ought to be, and which can't be proven or disproven