BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A positive or pure science analyses cause and effect relationship between variables but it does not pass value judgment. It states ‘what is’ and not ‘what ought to be’. Positive Economics is the one that simply states facts and uses empirical evidence. Economics only studies facts and makes generalisations from them.

Detailed explanation-2: -Correlation analysis is mostly conducted to determine if a relationship exists between variables. Regression analysis is used to determine the effect of one variable on the other. The technique to be used is based on what the researcher is looking at.

Detailed explanation-3: -Experimental research, often called true experimentation, uses the scientific method to establish the cause-effect relationship among a group of variables that make up a study.

Detailed explanation-4: -Role of Value Judgements in Welfare Economics: Since welfare economics is concerned with the desirability or otherwise of economic policies, the value judge-ments play a crucial role. As mentioned above, by value judgements or values we mean the conceptions or ethical beliefs of the people about what is good or bad.