How does the science of economics deal with the fact that we all have different values?
A) by assuming that values don't play a role in economic behavior
B) by seeking to discover the sources of different value systems
C) by using positive analysis
D) by surveying the public to see what the most common values are, and then incorporating those as assumptions into their models

Question

Quizplus · Accepted Answer

Economics uses positive analysis, which focuses on objective and fact-based statements, to understand and predict economic behavior without making judgments about the desirability of outcomes. This approach allows economics to deal with the fact that people have different values by focusing on what is, rather than what ought to be, based on those values.

How Does the Science of Economics Deal with the Fact