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| | Economics - KnowledgeIsFun.com (Site not responding. Last check: 2007-10-13) |
 | | Economics is said to be normative when it recommends one choice over another, or when a subjective value judgement is made. |
 | | Conversely, economics is said to be positive when it tries to objectively predict and explain consequences of choices, given a set of assumptions and/or a set of observations. |
 | | Economics, which focuses on measurable variables, is broadly divided into two main branches: microeconomics, which deals with individual agents, such as households and businesses, and macroeconomics, which considers the economy as a whole, in which case it considers aggregate supply and demand for money, capital and commodities. |
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