ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, the term trade-off is often expressed as an opportunity cost, which is the most preferred possible alternative. A trade-off involves a sacrifice that must be made to get a certain product or experience. A person gives up the opportunity to buy ‘good B, ’ because they want to buy ‘good A’ instead.

Detailed explanation-2: -A trade-off is what occurs when we make a choice. When we sacrifice own thing to obtain another, it is called a “trade-off.” When we only have enough money to buy either a bicycle or a snowboard, there is a trade-off.

Detailed explanation-3: -In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.

Detailed explanation-4: -Trade-off situations in the product development process are often about choices among multiple factors that need to be weighed against each other in order to make a decision. During the design process, the design freedom decreases in relation to the product development process and time.

Detailed explanation-5: -Words related to trade-off accommodation, accord, adjustment, arrangement, bargain, concession, deal, pact, settlement, understanding, acknowledgment, admission, compromise, grant, permit, privilege, banter, reciprocity, agreement, compensation.