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Economic Definition of subsidy. Offline Version: PDF. Term subsidy Definition: A payment from government to individuals or businesses without any expectations of production. The best way of thinking about a subsidy is as a negative tax.
Definition of Normative Economics. The economics that uses value judgements, opinions, beliefs is called normative economics. This branch of economics considers values and results in statements that state, âwhat should be the thingsâ. It incorporates subjective analyses and focuses on theoretical situations.