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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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Solution Summary

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

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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.

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