Explain the difference between positive and normative economics.

May 11, 2023

Explain the difference between positive and normative economics. Give a real-time example of each that you found in doing some outside research. After doing some additional research on your own along with the assigned reading on public goods, answer the following questions: What are the two main characteristics of this type of good? What is the biggest “problem” with allocating public goods? Do you think the government should have a role in allocating public goods, or should goods be privatized? Here’s a great site that offers definitions and examples of economic terms literally from A to Z; https://tinyurl.com/6rxna6a

Additional Reading:

Introduction to Economics, Khan Academy video, created by Sal Khan, 2012 There is a transcript available that accompanies the video. To view it, click “Transcript” directly beneath the “Introduction to economics” title beneath the video screen. Use the ‘TinyURL’ to access the video: https://tinyurl.com/kwazxpt If it is not working, here is the full URL: https://www.khanacademy.org/economics-finance-domain/macroeconomics/gdp-topic/econ-intro-in-macro-tutorial/v/introduction-to-economics What is Economics and Why Is It Important, Creative Commons article, by Phil Schatz, OpenStax College, Economics. OpenStax CNX, (n.d.) When you have read the article, scroll to “Glossary” and ensure you have a good working knowledge of the terms. Use the “TinyURL” to access the article: https://tinyurl.com/yanr4t3v If it is not working, here is the full URL: http://philschatz.com/economics-book/contents/m48591.html Principles of Microeconomics, Video lecture (34:14) presented by Professor Jon Gruber, MIT, 2012

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Explain the difference between positive and normative economics.

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