Briefly define the following two terms

• Positive economics
• Normative economics

Each definition should be a minimum of one to two well-developed paragraphs.

Explain:For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase costs for everyone. Using this scenario please answer the following questions:

• How would this situation be described in terms of Positive economics?
• How would this situation be described in terms of Normative economics?
• Which of these do you think is the correct way to describe this situation?