![]() This is under this part of economic is subjective in nature. Thus all the statements related to this are priorities on what is to be done according to as per morality rather than the situational requirements. This part of Economics deals with values, judgments, and opinions. There are no facts present behind each statement and it deals with the thought process of what should be the situation. The Normative Economy deals with statements related to fictional opinions. The thesis under this part of economics is objective in nature. The truthfulness of the statement can be known as the facts and data are available. So the argument related to the positive economy generally varies from person to person. Thus Positive Economics about the facts and the practical situations in the Economy whereas Normative economics deals with the judgmental part or what should have to do? Positive Economy mainly deals with the practical Causes and Relationships in the economy. Difference Between Positive Economics vs Normative Economics
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