Identify Whether the Following Statements Are Positive or Normative Economic

question 35

Essay

Identify whether the following statements are positive or normative economic statements, and explain why you categorized them in that way.

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Definitions:

Process Modifications

Changes or adjustments made to existing processes or procedures in order to improve efficiency, quality, or performance.

Life Cycle

The series of stages that an entity (such as a product, project, or organism) goes through from its inception to its conclusion or demise.

Competitive Advantage

is the attribute that allows an organization to outperform its competitors, often through superior quality, innovation, or cost efficiency.