Title: Trade-Offs in Economics: Definition & Examples - Business Class [2021 Video] | Study.com
Headings: Trade-Offs in Economics: Definition & Examples
Trade-Offs in Economics: Definition & Examples
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Definition of Trade-Offs in Economics
Trade-Off Examples
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Examples of Trade-Offs
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Trade-Offs in Economics: Definition & Examples
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Trade-Offs in Economics: Definition & Examples
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Learn about trade-offs in economics and why they are important to understand when making good decisions about your time, money and energy. Read about some trade-offs that you make every day, whether you realize it or not. Updated: 11/20/2019
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Definition of Trade-Offs in Economics
Have you ever had to make a decision about spending your money today versus tomorrow? For example, you might ask yourself, 'Should I go out to dinner tonight, or would I rather save my money so I can go to the movies tomorrow?' You probably make decisions like this several times a day without even realizing it. Since your resources - such as time and money - are limited, you must choose how to best allocate them by making some trade-offs. Let's learn a little more about trade-offs and why understanding this concept will help you make better decisions about your time and money. Most of us don't have so much money that we are in a position to buy everything we desire. We must put thought into every purchase and how it affects our bank account.