Normative Economics Involves

question 45

Multiple Choice

Normative economics involves

• A) a statement of fact.
• B) a statement of "what should be."
• C) a statement of "what is."
• D) a statement that is purely descriptive.

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Definitions:

Individualistic Cultures

Individualistic Cultures emphasize personal goals, autonomy, and independence, valuing individual achievement over collective interests.

Collectivist Cultures

Societies that prioritize the group over the individual, stressing community, cooperation, and interdependence.

Self-regulation

The ability to monitor and control one's behavior, emotions, or thoughts, adapting to situations and pursuing long-term goals.

Self-determination Theory

A psychological theory focused on motivation that suggests people are most motivated to grow and change when their needs for autonomy, competence, and relatedness are fulfilled.