Explain the Differences Between Positive Economics, Normative Economics, and the Art

question 25

Essay

Explain the differences between positive economics, normative economics, and the art of economics. Explain why you would categorize each of the following three statements as belonging to positive economics, normative economics, or the art of economics.
(a) The unemployment rate is 6.5 percent.
(b) The unemployment rate is unacceptably high.
(c) If the government wants to reduce the unemployment rate, it should try cutting taxes.

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Experienced advisors and trainers who provide guidance, support, and advice to help individuals or businesses achieve their goals.

Entrepreneurship Training

Programs or educational initiatives designed to equip individuals with the knowledge, skills, and mindset needed to successfully start and run their own businesses.

Schools of Business

Educational institutions that specialize in teaching subjects related to business, management, and economics.

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A branch of science that deals with living organisms and life processes.