Positive and Normative Economics
After reviewing the information listed on the background materials page, address the following questions in an essay or short-answer form. Support all your answers with references: Explain the difference between positive and normative economics. Give a real-time example of each that you found in doing some outside research. After doing some additional research on your own along with the assigned reading on public goods, answer the following questions: What are the two main characteristics of this type of good? What is the biggest “problem” with allocating public goods? Do you think the government should have a role in allocating public goods, or should goods be privatized? you will be researching some of the key economic terms and concepts presented in the required and outside readings. You will then turn your theoretical research into practice by defining the terms and concepts, as well as offering real-time examples of each. This is a multi-part assignment, so make sure that you have addressed each question or topic. The best way to approach this assignment is to prepare your responses in outline form following the order of each question/topic. This will help you keep track of your responses.