What is an example of a trade off?
Trade-off definitions. … The definition of trade off is an exchange where you give up one thing in order to get something else that you also desire. An example of a trade off is when you have to put up with a half hour commute in order to make more money.
What is mean by trade off?
A trade-off (or tradeoff) is a situational decision that involves diminishing or losing one quality, quantity or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases and another must decrease.
What is the importance of trade off?
In economics, the term trade-off is often expressed as opportunity cost. A trade-off involves a sacrifice that must be made to obtain a desired product or experience. Understanding the trade-off for every decision you make helps ensure that you are using your resources (whether it’s time, money or energy) wisely.27 мая 2015 г.
What is a trade off give at least one example?
Give at least one example. A trade-off is an exchange in which one benefit is given up in order to obtain another. Example: a material may be used to build a house because it is attractive to customers even though it is not as durable.
What are three examples of important trade offs that you face in your life?
Give three examples of important trade-offs that you face in your…
- Trade-off between studying one subject over studying another subject.
- Spending 15 dollars to buy a pizza or to buy a study guide.
- Buying a car leads to a trade-off between the cost of the car and the cost of other things one might want to buy.
What is another word for trade off?
compromise, transaction, dilemma, Bartering, horse-trading, arbitration, adjudication, barter, compensation, interplay, choice, interchange.
How do you use the word trade off?
Jack had to make a trade-off between getting a good night’s sleep and staying up late to finish his research project. Do you understand the inevitable trade-off between growth and equity?
Is trade off and opportunity cost the same?
Trade-offs create opportunity costs, one of the most important concepts in economics. Whenever you make a trade-off, the thing that you do not choose is your opportunity cost. To butcher the poet Robert Frost, opportunity cost is the path not taken (and that makes all the difference). … Everything has opportunity costs.
What is the meaning of opportunity cost?
What Is Opportunity Cost? Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Why does every decision involve trade offs?
Every decision involves trade-offs because there are always alternatives that we give up whenever we choose one thing over another. … The most desirable alternative given up as the result of a decision is opportunity cost.
Why is it important to evaluate trade offs and opportunity costs?
Why is it important to evaluate trade-offs and opportunity costs when making choices? Evaluating trade-offs- or alternative choices-and opportunity costs-or the next best alternative use of money, time, or resources-help one make a good decision. Explain how productivity relates to market growth.
Why does scarcity cause trade offs?
Your scarce resources force you to make a choice and a trade-off producing one product or another. … The concept of trade-offs due to scarcity is formalized by the concept of opportunity cost. The opportunity cost of a choice is the value of the best alternative forgone.