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Explain the efficiency wage theory. Why would a firm be willing to pay an efficient wage?
Positive Economics
A branch of economics that focuses on objective analysis and the description of how the economy functions, as opposed to normative economics that involves value judgments.
Normative Economics
An area of economics that makes assessments of economic fairness or desired economic outcomes and aims of public policy.
Consequences
The outcomes or effects resulting from a particular action or set of conditions.
Negative Relationship
A relationship between two variables, X and Y, in which a decrease in X is associated with an increase in Y and an increase in X is associated with a decrease in Y.
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