Question: What Is A Good Example Of A Trade Off?

What are three examples of important trade offs that you face in your life?

Answer.

1) after opening the eye at first and of deciding that this world is our rival or a friend.

2) choosing the streams English or commerce or Science.

3) death as the trade off that we have to face in our life..

What is opportunity cost in this scenario?

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.

What is an example of an emotional trade off?

For example, people seem to resist “putting a price on” life or justice by trading off these attributes with monetary attributes and often express distress and/or refusal when asked to do so (Baron 1986; Baron and Spranca 1997).

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.

How do you use trade off in a sentence?

Trade-off sentence examplesJack 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? … Exercising and following a strict diet instead of eating junk food was a trade-off she was willing to make to get healthy.More items…

What are some examples of trade?

An example of trade is the tea trade where tea is imported from China and purchased in the US. An example of trade is when you work in sales. An example of trade is the act of exchanging one item for another or one item for money.

How does trade off affect your decisions?

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.

Why do we make trade offs?

The necessity of making trade-offs alters how we feel about the decisions we face; more important, it affects the level of satisfaction we experience from the decisions we ultimately make. One of the most important areas where we need to pay attention to tradeoffs is when we make decisions.

Why do all economic decisions have a trade off?

Every decision involves trade-offs because every choice you want results in picking it over something else. … Opportunity cost means choosing the better one of two ideas. There will always be an alternative; what could have happened instead. Describe how people make decisions by thinking at the margin.

How can I use scarcity in a sentence?

Scarcity sentence examplesTrue scarcity is uncommon. … Through the resultant scarcity of labor, much land fell out of cultivation. … But in a world without scarcity, socialism can’t even exist. … Emigration has, however, recently assumed such proportions as to lead to scarcity of labor and rise of wages in Italy itself.More items…

What is a good example of a tradeoff?

In demography, tradeoff examples may include maturity, fecundity, parental care, parity, senescence, and mate choice. For example, the higher the fecundity (number of offspring), the lower the parental care that each offspring will receive.

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 is the meaning of incentives?

Anything that can attract an employee’s attention and motivate them to work can be called as incentive. An incentive aims at improving the overall performance of an organization. Incentives can be classified as direct and indirect compensation.

What is trade off and opportunity cost?

Trade-off. Opportunity Cost. Meaning. Trade-off implies the exchange of one thing to get the another. Opportunity cost implies the value of choice foregone, to get something else.

What is another word for trade off?

balance, set-off, disadvantage, contradiction, arbitrage, equilibrium, Equilibria, arbitrate, refereeing, ‘arbitrage, quandary, accommodation, trade, counterparty, agreement, setoff, trading, give-and-take, equalisation, conundrum, counterbalance, bargain, drawback, swap, adjudicative.