ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a purchase in a marketplace.
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an alternative that we sacrifice when we make a decision.
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any good or service a consumer needs.
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a factor of production.
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Detailed explanation-1: -Trade-offs are all the alternatives that we give up whenever we choose one course of action over others. The most desirable alternative given up as a result of a decision is known as opportunity cost.
Detailed explanation-2: -A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations when a plus in one area must be a negative in another.
Detailed explanation-3: -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-4: -: a giving up of one thing in return for another : exchange. trade off transitive verb.
Detailed explanation-5: -Trade-offs are Crucial to Good Decision Making And there is no guarantee that a good decision will lead to a good outcome. But having a solid process increases our chances of a good decision and a positive result: Be clear about the outcome we want to achieve. Identify the trade-offs between the potential options.