How do you think politicians might use normative economics statements?

Explain the value of statistics and other data to positive economics and to normative economics.

In what ways was Adam Smith a microeconomist? In what ways a macroeconomist? Refer to your completed comparison and contrast chart.

In which categories does each item below belong--microeconomics or macroeconomics? Why? a. Studying statistics to see how well the economy is doing at creating jobs or increasing exports; b. Studying statistics on gasoline sales and hotel bookings to explore the impact of higher gas prices on vacation plans.

Think of an example of a macroeconomic issue that affects an individual person, family, or business, and explain its effect.