..... is a way of describing and explaining economics as it is, not as it should be ..... is a way of describing and explaining what economic behavior ought to be, not what it actually is.

BUSINESS ECONOMICS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

____ is a way of describing and explaining economics as it is, not as it should be ____ is a way of describing and explaining what economic behavior ought to be, not what it actually is.

A	Macroeconomics; Microeconomics
B	Microeconomics; Macroeconomics
C	Positive Economics; Normative Economics
D	Normative Economics; Positive Economics

Explanation:

Detailed explanation-1: -Positive economics is a branch of economics that describes and explains economic happenings just the way they are and not the way they ought to be.

Detailed explanation-2: -Normative economics is a branch of economics that is concerned with making value judgments about economic outcomes and the policies that should be implemented to achieve them. Normative economics is concerned with what should be, rather than what is.

Detailed explanation-3: -Positive Economics is a branch of economics that has an objective approach, based on facts. It analyses and explains the casual relationship between variables. It explains people about how the economy of the country operates. Positive economics is alternatively known as pure economics or descriptive economics.

There is 1 question to complete.

GENERAL KNOWLEDGE

GK

BUSINESS ECONOMICS