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Economics Definitions

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Please provide the following definitions:

- Trade-Offs
- Prices and Markets
- Theories and Models
- Positive versus Normative Analysis
- Competitive versus Noncompetitive Markets
- Market Price
- Market Definition-The Extent of a Market
- Real Versus Nominal Prices:
- Corporate Decision Making
- Public Policy Design
- The Supply Curve
- The Demand Curve.

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Solution Summary

This solution contains a brief set of definitions.

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Trade Offs
- Trade-offs are related to the idea of opportunity cost and are made when choosing between alternatives. When making a trade off, a consumer must weigh the benefits of various options. People consider trade offs on a daily basis- consider the possible ways to spend $100. In choosing to spend that money on a round of golf instead of a dinner with friends, you determined that the golf would make you better off.

Prices and Markets
- Markets are simply a medium through which goods can be exchanged. Prices and markets are related concepts- typically, we think of prices being set in competitive markets. By bringing buyers and sellers of goods together, price is determined in a competitive market. Prices express information on both the demand for a good and the supply of the good.

Theories and Models
- Economic theories typically make a statement about how ...

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