What Is the Difference Between a Positive Economic Statement and a Normative

question 240

Multiple Choice

What is the difference between a positive economic statement and a normative one?

• A) Positive economic statements are descriptive in nature, while normative economic statements are quantitative.
• B) Positive economic statements are used to explain economic behaviour, while normative economic statements are used to predict economic behaviour.
• C) Positive economic statements are descriptive in nature, while normative economic statements involve value judgments.
• D) Positive economic statements involve value judgments, while normative economic statements are descriptive in nature.

Comprehend the significance of make-or-buy decisions in a firm's supply-chain strategy.

Understand the role of integration strategies such as backward and forward integration in supply-chain management.

Grasp the importance of inventory management and the impact of the supply chain on a firm's cost strategy.

Recognize the relevance of supply-chain management in service firms and the implications for outsourcing and offshoring.

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Definitions:

Right Tool

An idiom emphasizing the importance of choosing the most appropriate equipment, software, or methodology for a particular task.

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Great White Sharks

A species of large shark known for its size, strength, and is often featured in media and literature as an apex predator of the oceans.