What is a trade-off easy definition?
Definition of trade-off 1 : a balancing of factors all of which are not attainable at the same time the education versus experience trade-off which governs personnel practices— H. S. White. 2 : a giving up of one thing in return for another : exchange. Other Words from trade-off Synonyms Learn More About trade-off.
What is trade-off in economics quizlet?
A trade-off is all alternatives given up when choosing one option. The other other alternatives in that decision are the trade-offs. Opportunity cost is the most desirable alternative given up as the result of a decision.
What is a trade-off Kid definition?
From Academic Kids A trade-off usually refers to losing one quality or aspect of something in return for gaining another quality or aspect. It implies a decision to be made with full comprehension of both the upside and downside of a particular choice.
What is the big tradeoff quizlet?
Terms in this set (2) An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
What is a trade-off quizlet?
Trade-off. an exchange that occurs as a compromise. Opportunity cost. the most desirable alternative given up as the result of a decision.
What is trade-off in economic?
The term “trade-off” is employed in economics to refer to the fact that budgeting inevitably involves sacrificing some of X to get more of Y. With a fixed amount of savings, one can buy a car or take an expensive vacation, but not both. The car can be “traded off” for the vacation or vice versa.
What is a trade-off economics?
What is the big tradeoff economic?
Economist Arthur Okun has said that we should consider Equality and Efficiency: The Big Tradeoff. If we promote equality, we will have more income redistribution through taxes, more fairness, and a common living standard. However, economic efficiency will suffer and our economic pie will grow more slowly.
What is the big tradeoff the big tradeoff is the tradeoff between?
The big tradeoff is the tradeoff between efficiency and fairness. Redistributing incomes changes the incentives facing producers and consumers. Taxing income decreases producer surplus and taxing purchases decreases consumer surplus.
What is a trade-off Brainly?
In simple terms, a tradeoff is where one thing increases and another must decrease. In economics, a trade-off is commonly expressed in terms of the opportunity cost of one potential choice, which is the loss of the best available alternative.
What is an example of a trade-off?
In economics, a trade-off is defined as an “opportunity cost.” For example, you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day’s wages as the cost for that opportunity.
What is trade-off example?
In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. For example, for a person going to a basketball game, their opportunity cost is the loss of the alternative of watching a particular television program at home.
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