Create your work into a Microsoft Word document and answer the following.
Define: Briefly define the following two terms in your own words:
- Positive economics
- Normative economics
Each definition should be a minimum of one to two well-developed paragraphs.
Explain: For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase costs for everyone. Using this scenario please answer the following questions:
- How would this situation be described in terms of Positive economics?
- How would this situation be described in terms of Normative economics?
- Which of these do you think is the correct what to describe this situation?
Answer each of these 3 questions with at least 2 well-developed paragraphs.
Please be sure to validate your opinions and ideas with citations and references in APA format â€“ if applicable.