GENERAL KNOWLEDGE

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 giving up of one thing in return for another : exchange. trade off transitive verb.

Detailed explanation-3: -A trade-off is a kind of compromise that involves giving up something in return for getting something else. When looking you for an after-school job, you might have to make a trade-off: a lower hourly wage for a more convenient location, for example.

Detailed explanation-4: -A trade-off happens when you give up something you want in order to get something else you want. The statement is TRUE. When there are a limited amount of goods, consumers have to choose from a limited quantity of goods then in order to consume a particular good, the consumer needs to trade off it with another good.

Detailed explanation-5: -Trade off refers to any sacrifice to get a certain product or experience. As per the economics term, trade off is referred as opportunity cost, that is, next best alternative use.