EBK ESSENTIALS OF ECONOMICS
4th Edition
ISBN: 8220103647380
Author: KRUGMAN
Publisher: MAC HIGHER
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Chapter 2, Problem 9P
To determine
- Positive statements and normative statements in the conversation
- The arguments to support the viewpoints and whose argument is likely to win in the given situations.
Positive economics construct its statements on the basis of objectivity and facts while normative economics construct its statements on the basis of personal judgment, interpretations, and experiences.
Opportunity Cost is the loss of benefit incurred by a person by choosing an alternative course of action.
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