Homework Answers
Ans.1
i)
| Positive Economics | Normative Economics |
|
|
ii)
| Labor | Entrepreneur |
| Labor is the term which defines the exertion of body and mind of a human being , and having a objective which is to earn for living. | This type of individual is who carries the task of production. this person is responsible for the control and organisation of activities , which are related to the firms production and distribution. And the risk which is associated with him is failure of the firm. |
| labor earn wages. | Entrepreneur's income is based on the profits. |
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