Normative Economic Statements Refer to What Should Be

question 140

True/False

Normative economic statements refer to what should be.

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Definitions:

Private Sector

Part of the economy that is run by individuals and companies for profit and is not directly controlled by the state.

Wage Survey Data

Information gathered about salary rates and compensation for various jobs, used to benchmark and set salaries.

Trade Associations

Organizations founded and funded by businesses that operate in a specific industry to protect and promote their common interests.