Positive and Normative Economics

Positive and Normative Economics – Major Differences | Microeconomics

Positive and Normative Economics

We all know that the term economics is defined as a social science. There has been a discussion about this term whether it is called a normative science or a positive science. But the debate ended with the conclusion that it is both positive and normative science. Economics not only tells us about the happening of certain things but also says whether it is the right thing to happen or not.