Explain the idea of a trade-off and think of three tradeoff that you have made today?
Answers
Answer:
Explain the idea of a tradeoff and think of three tradeoffs that you have made today. Trade Off: It simply means 'a choice'. By comparing the costs and benefits, we all make choices, of the various opportunities available in the given time, and space. ... We all face choices, therefore, trade offs have to be made.
Answer:
Trade-off:-
Basic trade-offs in economics involve choosing one thing at the expense of another. Taking advantage of something requires giving up, or sacrificing, something else in order to get it. Whenever making such decisions, the opportunity cost must be considered, which is the loss of benefit from the sacrifice. When making a decision, it is crucial to understand the opportunity costs associated with each decision in order to make the best choice.
Examples:-
- Staying out late vs. sleeping on time (sleeping on time is best for your health)
- I would rather complete my disturbed incomplete sleep than attend college (since my health comes first)
- The choice between working out and eating junk food and deserts cannot be traded because both are life-giving)
- A new laptop that offers a lot of portability and light weight but only has a limited amount of memory might be the trade-off.
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