To explain:
Why people
Concepts Introduction:
Positive analysis: The positive economics is a statement of fact and it does not contain value judgments. The positive economics is based on the objective analysis. It deals with the question of what is. The positive statement can be tested and proven.
Normative economics: Normative is contains value judgments and it is subjective. The normative economics deals with the question of what ought to be. The normative economics cannot be tested and proven.
Behavioural Economics:
Behavioural economics is a method of economic analysis that applies psychological insights into human behaviour to explain economic decision-making.
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