ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Eating all of the favorite foods.
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Seeing friends from home daily
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Experiencing the culture of another country
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Missing family activities at home
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Detailed explanation-1: -An opportunity cost example of trade-offs for an individual would be the decision by a full-time worker to take time off work with a salary of $50, 000 to attend medical school with an annual tuition of $30, 000 and earning $150, 000 as a doctor after 7 years of study.
Detailed explanation-2: -There are four basic categories of trade-offs: spatial trade-offs, temporal trade-offs, trade-offs between beneficiaries, and trade-offs among ecosystem services [10]. The degree of trade-offs (DT) among ecosystem services equates to the strength of the ever-evolving competition.
Detailed explanation-3: -An example of a trade-off in a real-world scenario is: A family lives on five acres in the country and the parent commutes an hour and a half to work in the city. Although the family loves their home and land in the country, they decide to move into the city, reducing the commute to half an hour.
Detailed explanation-4: -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