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Positive Economic
Refers to an approach or analysis based on factual data and observable outcomes, without subjective judgments or opinions influencing the conclusions.
Economic Theories
A collection of principles and models that explain how economies function, how economic agents interact, and how economic variables are determined.
Deduce
To derive as a logical conclusion from something known or assumed.
Observed Phenomena
Events or occurrences that have been noticed and recorded, often forming the basis for scientific study or theory development.
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