Distinguish between positive economics and negative economics.

Question

&nbsp;The difference between positive economics and normative economics is given as follows:BasisPositive EconomicsNorma...

Accepted Answer

&nbsp;The difference between positive economics and normative economics is given as follows:BasisPositive EconomicsNorma...

Basis	Positive Economics	Normative Economics
Definition	Positive Economics deals with factual situations i.e. they describe the actual situation of what was what is and what would be.	Normative Economics deals with the ideal situations of what should be or what ought to be.
Personal Value Judgement	It does not involve any personal value judgement	It involves the personal value judgement
Examples	The rate of inflation at present is 4%	What should an ideal rate of inflation be?