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Answer all questions clearly: 1. Distinguish between: a. Positive Economics & Normative Economics b. Labor & the Entrepreneur
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Ans.1

i)

Positive Economics Normative Economics
  • also known as discriptive economics , which is a study based on economic reality and also to see why a economy operates like it does in real world.
  • based on facts and not based on the basis of opinions.
  • This type of economics are made up with positive statements and by the help of scientific method these are accepted or rejected.
  • Eg of a positive statement is - Canadians bought 4 million copies of video games last year. Here the statement is based upon facts.
  • branch of economics , were testing of theories or rejection of a theory happens and also it deals with objective explanation.
  • It points out the economic issues.
  • also known as policy economics , which is deals with how the world should be.
  • It is based upon opnions or the value judgements.
  • it is on the basis of opinions, ideas and feelings and these statements mostly start with the word should.
  • eg of nomative statement - it is so cold today , how can we test this?
  • Here economic fairness is judged on the basis of value or normative judgements.
  • the economic issue , solution is provided via value based solutions.

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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