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.

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Definitions:

Supply Chain Management

The oversight and administration of the entire process of producing and delivering a final product to the end user, from supplier to manufacturer to wholesaler to retailer to consumer.

Time-Based Management

An approach focusing on reducing the time needed to complete processes and tasks, thereby improving productivity and efficiency.

Measuring Performance

The process of evaluating the effectiveness and efficiency of actions or outputs, often using key performance indicators (KPIs).

Market Level Activities

Actions or operations aimed at reaching, influencing, or assessing the targeted market segment.