ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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trade-off
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consumption
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do it yourself
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saving
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Detailed explanation-1: -A trade-off is a kind of compromise that involves giving up something in return for getting something else.
Detailed explanation-2: -A trade-off involves a sacrifice that must be made to get a certain product or experience. A person gives up the opportunity to buy ‘good B, ’ because they want to buy ‘good A’ instead.
Detailed explanation-3: -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-4: -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-5: -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