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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Content: We also must think about what type of satisfaction that purchase will give us. As a result, to get one thing that we like, we usually have to give up another thing that we also may like. Making decisions requires trading off one item against another. 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. For a person going to a baseball game, their economic trade-off is the money and time spent at the ballpark, as compared to the alternative of watching the game at home and saving their money, plus the time spent driving to the ball game. {"error":true,"iframe":true}
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