What are the three normative codes?
The three normative theories you are studying therefore illustrate three different sets of ideas about how we should live Deontology, teleology, consequentialism and character-based ethics are not in themselves ethical theories – they are types of ethical theory
What is a normative?
1 : of, relating to, or determining norms or standards normative tests 2 : conforming to or based on norms normative behavior normative judgments 3 : prescribing (see prescribe sense 1) norms normative rules of ethics normative grammar
What is an example of a normative statement?
Samples of normative economic statements include “Women should be provided higher school loans than men,” “Laborers should receive greater parts of capitalist profits,” and “Working citizens should not pay for hospital care” Normative economic statements typically contain keywords such as “should” and “ought”
How can you tell the difference between a positive and normative statement?
Economists frequently distinguish between ‘positive’ and ‘normative’ economics Positive economics is concerned with the development and testing of positive statements about the world that are objective and verifiable Normative statements derive from an opinion or a point of view
What are the difference between positive and normative economics?
Positive Economics refers to a science which is based on data and facts Normative economics is described as a science based on opinions, values, and judgment Positive economics is descriptive, but normative economics is prescriptive Positive economics explains cause and effect relationship between variables
What are the three central problems of an economy?
– The three basic economic problems are regarding the allocation of the resources These are what to produce, how to produce, and for whom to produce
What are the 3 economic questions that must be answered?
Because of scarcity every society or economic system must answer these three (3) basic questions:
- What to produce? ➢ What should be produced in a world with limited resources?
- How to produce? ➢ What resources should be used?
- Who consumes what is produced? ➢ Who acquires the product?
Why do central problems arise?
The central problems of the economy arises because the resources in the economy are scarce and human wants are unlimited Therefore, there is need for an efficient relationship between both the factors
What are the three basic central problems why they arise?
The central problems of an economy is the production of goods and services, its distribution and indisposition/sales these problems arise mainly due to unavailability/scarcity of resources which affects all the above systems
What is economy and its central problems?
The basic economic activities of life are production, distribution, and disposition of goods and services This variation between the supply and demand leads to the formation of central problems of an economy
Do rich countries also face central problems?
Yes, event in rich countries, resources are scarce, having alternative uses and wants are unlimited