BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Normative Economics. This is a way of describing and explaining what economic behavior ought to be, not what it actually is. Normative economics, in contrast, is based on value judgments. It goes beyond the facts to ask if actions are good.

Detailed explanation-2: -Key Takeaways Normative economics focuses on the value of economic fairness, or what the economy “should be” or “ought to be.” While positive economics is based on fact and cannot be approved or disapproved, normative economics is based on value judgments.

Detailed explanation-3: -Positive economics is the branch of economics concerned with describing and explaining economic phenomena.

Detailed explanation-4: -Normative economics aims to determine what should happen or what ought to be. While positive economics describe economic programs, situations, and conditions as they exist, normative economics aims to prescribe solutions.