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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 Preview

    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 ...

    Solution Summary

    This solution contains a brief set of definitions.

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