ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity.

Detailed explanation-2: -: a giving up of one thing in return for another : exchange. trade off transitive verb.

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: -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.