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Normative economics is considered as an important branch of economics which deal with the judgemental side of the economics. These judgements serve as idealistic scenerios regarding economic policies, prices, costs and include various other topics in the economics. Normative statements usually incorporate statements such as 'should be' or 'ought to be'. For example, the price of milk per litre should be $35, the government should lower the interest rates by 2% etc. All these judgements serve as a benchmark for demonstrating the practical scenerios.
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