ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Saving your allowance instead of spending it on the ice cream man.
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Not watering the lawn in order to take longer showers.
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Going to sleep early because you are tired.
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Studying during lunch instead of talking to your friends.
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Detailed explanation-1: -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-2: -More time spent studying means less time to hang out with your friends. One of the major trade-offs high school students face is whether or not to work after school. Some people argue that high school students should work after school; others argue against it, saying their time is better spent studying.
Detailed explanation-3: -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