Examlex
Which of the following is NOT a component of the operating budget?
Normative Economics
A branch of economics that expresses value judgments about economic fairness or what the economy ought to be like.
Positive Economics
An approach to economics that seeks to understand and explain the economy as it is, based on factual observations without making normative judgments.
Normative Statements
Opinions or judgments that reflect beliefs about what ought to be rather than statements that can be tested or verified.
Value Judgments
Assessments based on personal views, ethics, or standards rather than objective measures, often influencing decision-making processes.
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