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Economics is the study of:
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1. Introduction to Microeconomics
Introduction to Economics
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What is the term for statements that help economists make forecasts, which are also called predictions?
A
Normative statements
B
Assumptions
C
Positive statements
D
Value judgments
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Understand the difference between normative and positive statements: Normative statements express opinions or value judgments about what ought to be, while positive statements are objective and fact-based, describing what is or what will be.
Recognize that assumptions are conditions accepted as true for the purpose of analysis, but they are not predictions or forecasts themselves.
Identify that value judgments are subjective assessments based on personal or societal values, not objective forecasts.
Recall that economists use positive statements to make forecasts or predictions because these statements are testable and based on empirical evidence.
Conclude that the term for statements that help economists make forecasts or predictions is 'Positive statements'.
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