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[DOC File]Economics 310 Handout 1 Professor Tom K
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Positive vs. Normative Economics . Positive Statement Statements. that can be tested or rejected by referring to the available evidence and involve . objective explanation. Normative Statement Statements that express a . value judgement. about what ought to be. They are subjective statements rather than objective statements
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[DOC File]Microeconomics Review #1
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- What is Economics? - Principles of economics - Definition and Overview - Macroeconomics vs. Microeconomics - Positive versus Normative Economics (Note): Positive statements can be shown to be true or proven to be false while normative statements are not testable. The Economic Problem. Unlimited Wants. Scarce Resources – Land, Labour, Capital
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[DOCX File]Economics
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Positive Statement: A tax cut will raise interest rates. Normative Statement: Payroll taxes are too high. 2. Tradition of normative analysis in macro. Traditionally, macro has emphasized normative analysis. Macro was "born" as a separate part of economics during the Great Depression of the 1930s when economic performance was terrible.
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[DOC File]Economics 104B, Section 3 - Lecture Notes
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Defined Economics . Defined Positive vs. Normative Analysis . Derived the Elements in the construction of Theory . Defined Marginal Analysis . 2. Basis of Economics . Defined Goods, Scarce (Economic) Goods, Free Goods, Resources (Categories of) Defined Basic assumptions of Scarcity . Derived Implications of Scarcity [Choice, Cost, Competition]
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[DOC File]Economics 101: Kelly - gimmenotes
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Positive vs. normative economics. Production possibilities curve (aka frontier) Circular flow model. Factors of production. Capital (aka real capital) Budget surplus. Budget deficit. Principles of diminishing marginal utility. Law of supply and demand. Normal, inferior, substitute and complimentary goods.
positive and normative

[DOC File]Introduction to - Weebly
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Definition of economics, microeconomics, macroeconomics. Points to remember when evaluating problems using economic analysis. Positive vs. Normative economics. Opportunity Cost Production Possibilities Curve. Specialization & Trade according to the law of comparative advantage. Economic efficiency = technical & allocative. Theory of Exchange
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[DOC File]Economics – Topics to Review from Micro & Macro Principles
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Unit 1: Basic Economics Concepts Key Terms (Define the following) 3 Economic Systems 1. Scarcity. 2. Positive vs. Normative Economics. 3.Trade-offs. 4. Opportunity Cost. 1. Centrally Planned Economies (Communism) 2. Free-Market Economies (Capitalism) 3. Mixed Economies.
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Difference Between Positive and Normative Economics (with Comp…
Two views of a supply curve: positive vs normative views Economics 310 Handout 2 Professor Tom K. Lee. Producer surplus. is the difference between the actual amount a. seller receives and the minimum that a seller is willing to. accept for the quantity supplied. Economic rent . is producer surplus with supply price being zero.
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Positive vs normative economics