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 good 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 exactly is a trade-off?
A trade-off (or tradeoff) is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease .
In which form of government does a small group of elites hold political power?
Aristocracy is a form of government in which a few elite citizens rule; this is usually contrasted with democracy, in which all citizens are able to rule.
What is the meaning of trade-off in economics?
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 . We experience tradeoffs in zero-sum situations, when a plus in one area must be a negative in another.
What is a trade-off give at least one example?
The definition of trade off is an exchange where you give up one thing in order to get something else that you also desire. An example of a trade off is when you have to put up with a half hour commute in order to make more money . noun.
What are some examples of trade?
Trade is defined as the general marketplace of buying and selling goods, the way you make a living or the act of exchanging or buying and selling something. 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 .
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 is another word for trade-off?
agreement . arrangement . compensation . contract .
Is trade offs one word?
or trade·off
the exchange of one thing for another of more or less equal value , especially to effect a compromise.
What are the 3 main types of government?
- Democracy.
- Monarchy.
- Dictatorship.
What are the 10 forms of government?
- Democracy. Democracy is a form of government that allows the people to choose leadership. ...
- Communism. Communism is a centralized form of government led by a single party that is often authoritarian in its rule. ...
- Socialism. ...
- Oligarchy. ...
- Aristocracy. ...
- Monarchy. ...
- Theocracy. ...
- Colonialism.
What is the highest form of government?
The central and highest level of government in the United States, the federal government , is divided into three branches. These are the legislative, the executive and the judicial branches. Each branch has its own rights and powers, which are meant to check and balance the powers of each other branch.
What is the definition of wants in economics?
In economics, a want is something that is desired . ... It is said that every person has unlimited wants, but limited resources (economics is based on the assumption that only limited resources are available to us).
What are the 4 factors of production?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship . The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.
What are some examples of opportunity cost?
The opportunity cost is time spent studying and that money to spend on something else . A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment). A commuter takes the train to work instead of driving.
