Applied Economics

APPLIED ECONOMICS

Grade 11-Rutherford

10:30-11:30

Open Ended

What is positive economics?

What is negative economics?

​POSITIVE ECONOMICS

-It describe the economic phenomenon based on the factual information and evidences. It answer the questions, "what is" as an explanation to an event.

NEGATIVE ECONOMICS

-It describes the economic phenomenon based on the value judgements or opinions. It answer the questions, "what should be" as an explanation to an event.

​Lets Try This!

Read the statement carefully and write POSITIVE OR NORMATIVE economics if it is manifested in the statements .

Good Luck!!!!!

Draw

Draw a Venn Diagram showing the differences of normative and positive economics

​Define positive and negative economics.

Open Ended

Positive economics___________________________________________

Negative economics__________________________________________

Multiple Choice

1. What is positive economics?

• A. It is based on subjectivity.

• B. It uses value judgement based on opinions.

• C. It uses factual evidences.

• D. None of the above

Multiple Choice

2. What is normative economics?

• A. It is based on the subjectivity.

• B. It refers to an objective statement.

• C. It uses factual evidences.

• D. None of the above

Multiple Choice

3. It explains and answers the question “what is”.

• A. positive economics

• B. Normative Economics

• C. Applied Economics

• D. None of these