Economic principles are value judgments about what the economy should be like or the way the economic world ought to be.

Question

Quizplus · Accepted Answer

Economic principles are statements and frameworks used to understand how markets and the economy function, and are based on observations and analysis of economic behavior. They are not inherently value judgments, but can be used to inform policy decisions that reflect certain values or goals.

Economic Principles Are Value Judgments About What the Economy Should