ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -A trade-off is a decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In other words, a tradeoff is where one thing increases, and another must decrease.
Detailed explanation-2: -A trade-off is a kind of compromise that involves giving up something in return for getting something else. When looking you for an after-school job, you might have to make a trade-off: a lower hourly wage for a more convenient location, for example.
Detailed explanation-3: -The term “trade-off” is employed in economics to refer to the fact that budgeting inevitably involves sacrificing some of X to get more of Y. With a fixed amount of savings, one can buy a car or take an expensive vacation, but not both. The car can be “traded off” for the vacation or vice versa.
Detailed explanation-4: -Money vs Time. 90% of all jobs and promotions are a trade-off between money earned and the time required. Position vs Accountability. Job security vs Opportunity. Travel vs Predictability. Role vs People. Brand vs Scope. Relationships vs Numbers. Reframe. More items •21-May-2018