Compare and contrast normative, descriptive, and prescriptive theories?

Question

Question

Answer 1

Answer #1

These three theories are very popular in the economics

Normative theory talks about that how the economy should behave

it is generally opinion based and Judgemental in nature

it is not supported by any fact

it is generally ‘ought to be’

Descriptive theory is also called positive theory and it is supported by the fact and not based on judgements

it is simple describing in nature

prescriptive theory talks about how person should behave to maximise utility or profit

Answer 2

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