Normative concerned with how the world should be

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Unformatted text preview: world should be centered around moral, ethical and subjective beliefs The government should ban medicinal use of marijuana The government should raise the minimum wage q Positive concerned with how the world is centered around factual, testable, and Normative or Positive? When the government prints too much money, it causes inflation (a rise in the general price of goods/services) The Fed should leave interest rates alone in their next meeting Our reliance on fossil fuels is contributing to global climate change The government should encourage (subsidize) alternative means of energy use away from fossil fuels 10 MICROECONOMICS vs. 11 MACROECONOMICS Microeconomics the study of choices facing individuals, business, and even government, and their interactions Macroeconomics the study of how the aggregate of individual decisions (households, firms and Microeconomics 12 3 Main “Economic Agents” 1. 2. 3. Households Firms/Industries Government Microeconomi...
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