Answer to Question #85950 in Economics for Owoyemi Isaac

Question

Distinguish between descriptive economics and analytical economics?

Answer 1

Descriptive economics is a mechanism in which an economist uses to collecting as well as compile a particular data. In descriptive economics, scientists will make an observation, note any pattern change if any in a data and record facts about that particular data in line with their observation. On the other hand, analytical economics is the analysis of economic systems in an organization to determine the effectiveness and efficiency of its operation. Analytical economics evaluates the strengths and weakness of an economy.