Thank about it 1.12 page 33
What do you think is the biggest economic issue with which your government should deal?
I think the biggest economic issue our government should deal with is immigration. This is creating intolerable pressures on our public service, infrastructure and in effect our quality of life.
Is your choice an example of normative or positive economics? Why?
My choice is an example of normative economics because it is my opinion and what I think is right.
What is economics about? Is this different to what you thought it was about?
Economics is the ways in which choices are made within an economy. Economics is the study of production, distribution and consumption of wealth in human society. With an understanding of the economic environment managers are able to make more sense of the environment and therefore help them make better decisions for their business. This is different to what I thought economics is about because I believed economics was all about money and how money affects a business.
What is the difference between a normative statement and a positive statement?
A normative statement is something that they think is right so basically their opinion, where as a positive statement is something that can be tested to see if it’s correct.
Outline an economic argument that is normative in nature?
If a manager believes that they should invest more in a local community rather than pay profits to…