|| Positive Economics
|| Normative Economics
||It is a body of systematised knowledge relating to WHAT IS?
||This body of knowledge relates to WHAT OUGHT TO BE?
||These statements can be empirically verified.
||These statement can not be verified with precise accuracy.
||This is based on true facts and given figures.
||Based on individual’s opinion and not backed by facts.
||This is not suggestive in nature.
||Being suggestive in nature can also be given the nomenclature as ‘Regulative science’
||The objective is to make true description of economic acticities.
||The objective behind this is to determine the ideals.