ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Opportunity Cost. In trade-off economics, the opportunity cost is the profit lost when one alternative is chosen over another. A trade-off is understanding that you are going to lose something, in relation to time, money, or energy, when the decision to choose something else is made.

Detailed explanation-2: -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.

Detailed explanation-3: -A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity.

Detailed explanation-4: -Opportunity cost is the value of what you lose when choosing between two or more options. Every choice has trade-offs, and opportunity cost is the potential benefits you’ll miss out on by choosing one direction over another.

Detailed explanation-5: -trade-off-the giving up of one thing in return for something else. When you buy or do one thing with your money, you have to give up the chance to buy or do something else. This is a trade-off. opportunity cost-what you give up to get what you want.