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Normative and Positive Economics

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1. What comments, questions, or real-world examples of normative and positive economics do you have to share?

2. How might you determine whether an economic scenario is in the realm of micro- or macroeconomics?

3. What real-examples do you have of micro-economic and macro-economic "players?"

4. What real-world examples do you have of how economics relates to your jobs and/or the world around you?

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1. What comments, questions, or real-world examples of normative and positive economics do you have to share?

A real world example that I have with normative economics is that of gas should cost $0.75 a gallon because the price of it is too high for anyone to afford. The higher it gets the difficult it is for people to actually maintain a business and to enjoy life to the fullest. In regards to positive economics, an example is that of gas has risen from $0.75 to $4.00 a gallon in the past ten years. This demonstrates that inflation has impacted the price and everything has gone up because of it.

2. ...

Solution Summary

This solution provided examples of economics scenarios as well as micro and macroeconomics.

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Positive & Normative Economics and Market Efficiency Evolution

1) What is the difference between positive and normative economics? Which is more prevalent in today's economies? Why? What role, if any, do ethics play in positive economics? What role do ethics play in normative economics?

2) Can market efficiency evolve on its own without government intervention? Why or why not? What role do ethics play in market efficiency?

3) If resources became freely available in unlimited quantities, would there still be a need for economics?

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