ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A trade-off is when you choose one thing which causes you to have to give up, or sacrifice, another. In economics, trade-offs are evaluated based upon their opportunity cost, which is the value of what is lost when choosing one thing over another.

Detailed explanation-2: -Opportunity cost is what you give up (the benefits of the next best alternative) when you make a choice.

Detailed explanation-3: -: a giving up of one thing in return for another : exchange. trade off transitive verb.

Detailed explanation-4: -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-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.