Jack had to make a trade-off between getting a good night's sleep and staying up late to finish his research project
. Exercising and following a strict diet instead of eating junk food was a trade-off she was willing to make to get healthy.
What do we mean by 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 give example?
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 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 a trade-off statement?
In economics, the term trade-off is often expressed as an opportunity cost, which is the most preferred possible alternative. A trade-off
involves a sacrifice that must be made to get a certain product or experience
. A person gives up the opportunity to buy ‘good B,' because they want to buy ‘good A' instead.
What is another word for trade off?
agreement
.
arrangement
.
compensation
.
contract
.
What is the importance of trade off?
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.
What is the difference between a trade off and an opportunity cost?
For example, when we sacrifice one thing to obtain another, that's called a trade-off. … 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).
What is the opportunity cost of a decision?
Opportunity cost is
the value of what you lose when you choose from two or more alternatives
. It's a core concept for both investing and life in general. When you invest, opportunity cost can be defined as the amount of money you might not earn by purchasing one asset instead of another.
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. …
- Exercising and following a strict diet instead of eating junk food was a trade-off she was willing to make to get healthy.
What are three examples of important trade offs that you face in your life?
- after opening the eye at first and of deciding that this world is our rival or a friend.
- choosing the streams English or commerce or Science.
- death as the trade off that we have to face in our life.
What does with trade in mean?
noun
.
goods given in whole or, usually, part payment of a purchase
: We used our old car as a trade-in for the new one. a business transaction involving a trade-in. adjective.
Why does every decision involve trade offs?
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.
How do you evaluate trade offs?
Tradeoffs between two dimensions can be assessed by
asking how much of one dimension must be given up
in order to compensate for a change in the other dimension, with respect to the effect of these changes on the rating.
How do you make trade-off decisions?
Make your decision and
choose your trade-off consciously, with your objective in mind
, rather than solely by instinct. Take the example of a project at work. A type-A personality will usually jump in and focus on getting to the end goal as quickly as possible.
How are trade offs calculated?
There is no specific calculation for a trade-off
, so determining the trade-off in any situation is not always easy. When deciding between two or more courses of action, ranking the alternatives from top to bottom can make you feel more confident that you are picking the right one.
