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Content: From an economic perspective, trade-offs refer to sacrifice and different decisions that must be performed in order to obtain a product. Definition of trade-off
A tradeoff is a technique which involves foregoing or reducing one or more outcomes that are desired, in exchange for obtaining or increasing other desirable outcomes so as to maximise the effectiveness or total return in given circumstances. In simpler terms, it is a decision in which there is a diminishing quality, property or quantity in return for other gains. If one thing increases the other must decrease. For a very basic example, a container has only space for one item, so you choose one to fit into the container and leave the other out. Definition of opportunity cost
When we sacrifice one thing for another, it is a trade-off. If you have enough money to buy a car or a boat and you choose only one, that is a trade-off. A trade-off creates opportunity costs. In economics, an opportunity cost is the value of the next highest valued alternative use of a resource. Also known as alternative costs, it is the value of choice in relation to an alternative.