The trade – off is a situation that involves losing one quality, aspect or amount of something in return for gaining another quality, aspect or amount.
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 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.
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.
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.
Reduce prices and create jobs. This is the ideal economic outcome expected from all businesses today, not only in the long run, but also in the short term. Generally, lower prices allow more consumers to consume goods or services.
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.
Similar words for trade – off : compromise (noun) concession (noun) give-and-take (noun) quid pro quo (noun)
Answer: reducing the amount of resources spent on one want to spend more on another want.
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 .
Just as it says – a trade – off matrix is a matrix (table) that shows trade -offs. One of the most common uses for a trade – off matrix is to show different non-functional requirements and the areas where a trade – off might have to be made between some of them.
Each choice made means another alternative has been forgone. A trade – off is isolating what that forgone alternative is, and opportunity cost involves calculating the cost of the trade – off .
Give four examples of routine decisions . Novice. Apprentice. Master. Mentor.
Why is careful consideration of trade – offs important in decision making ? Collaboration will reduce the chance of sub-optimization by a functional area due to the possibility that a particular functional area does not have enough information about the other areas and their constraints or decisions .