Positive and normative analyses are two very different approaches to economics. The former, once known as value free economic analysis, is concerned with “what is.” Positive economic analysis seeks to…
Category: <span>Economic Policy</span>
An economic model, as a framework used to demonstrate in a comprehensible way how complex economic processes function, attempts to approximate the reality of economics. Whether it is a useful…
As their name suggests, economic indicators are statistics which are used to obtain a clearer picture of the current state of the economy. Three of the most important examples are…
Economics is a complicated subject. Economic models are used as a type of framework to demonstrate in a simplified fashion how complex economic processes function. An economic model will include…
There are different ways to measure the economy. Firstly, there is Gross Domestic Product (GDP), which is the market value of all the goods and services produced by the country.…