Question

Trade off refers to the situation where some amount of goods should be given up in order to gain some other goods. The recently faced trade-off situation is related with buying a new car. Here, the trade-off between the total cost of the car and cost of other things one might want to buy.

Answer 1

Explanation:

Economics is all about tradeoffs. A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. ... A core component of economic theory is the study of how we allocate scarce resources and negotiate opportunity costs.