Title: Mirco Economics
|Date:||November 3, 2015|
|Length:||5 / 1490|
|No of views:||0|
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Normative issues can be debated but they can never be settled by science or by an appeal to facts. For example, The South African cricket team (the proteas) should win the cricket world cup and bring the trophy home.
A statement which includes words such as, ‘should, ‘ought’ and ‘must’ are all normative statements...
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But not all normative statements contain these words.
In micro economics the focus is on individual parts of the economy. In micro economics the decisions made by individual consumers, households, firms or other organizations and are considered in isolation from the rest of the economy...
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