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While you might not get excited about economics, it’s still true that you have to pass the class as a way to access to other classes you wish to take. Economics has teachings about the character of time, marginal price, utility, and several different concepts that we’ll discuss throughout this program. Normative economics might be helpful in establishing and generating new ideas from various perspectives, but nevertheless, it cannot be the sole foundation for making decisions on important financial issues as it doesn’t take an objective angle that focuses on facts and cause-and-effects. Normative economics is also called policy economics since it seems at the outcomes of financial behavior and asks whether they are good or bad and whether they are sometimes made better.
Positive economics describes the way the economy behaves and predicts how it may change. Managerial economics is heavily related to statistical strategies. To put it differently, managerial economics is prescriptive as opposed to descriptive. They does not deal with the entire economy as a unit of study. He thus lies on the margin between economics and business management and serves as the bridge between the two disciplines. They is essentially applied economics in the field of business management.
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