ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Both concepts involve selecting an opportunity among different alternatives and sacrificing one or more alternatives as a result. The choice is the common term in both concepts.

Detailed explanation-2: -What is the difference between a trade-off and an opportunity cost in economics? The difference between trade-offs and opportunity cost is that a trade-off refers to the decision to pick an alternative, whereas opportunity cost refers to the value of the forgone alternative.

Detailed explanation-3: -synonyms for trade-off accommodation. accord. adjustment. arrangement. bargain.

Detailed explanation-4: -Opportunity Cost. In trade-off economics, the opportunity cost is the profit lost when one alternative is chosen over another. A trade-off is understanding that you are going to lose something, in relation to time, money, or energy, when the decision to choose something else is made.

Detailed explanation-5: -: a giving up of one thing in return for another : exchange. trade off transitive verb.