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: -A Tradeoff is a decision that places higher value on one of several competing options. You can’t do everything, resources are limited.

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 In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.

Detailed explanation-5: -also tradeoff. Word forms: plural trade-offs. countable noun. A trade-off is a situation where you make a compromise between two things, or where you exchange all or part of one thing for another.