facility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).acility noun (PLACE). âº [C] something such as a âplace, âbuilding, or âequipment used for a âparticular âpurpose or âactivity: The new âsports facility has a âswimming âpool. (Definition of facility from the Cambridge Academic Content Dictionary Â© Cambridge University Press).
While economists cloak their views in the aura of science, what they actually do is make assumptions about the world, use those assumptions to build imaginary economies (known as models), and from those models generate conclusions.
1.Normative economics mainly deals with value judgments of economy. Positive economics mainly focuses on statistics, factual information, and indulges on the scientific formula for determining what an economy should look like. 2.Positive economics deals with the relationship between cause and effect.ositive economics is based on facts or what is really going on in the economic field. Normative economics, which is also known as policy economics, makes use of judgments and opinions.