Question: What Is Trade Off Example?

What is a trade off give at least one example?

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..

How do you use trade offs?

Trade-off sentence examplesJack had to make a trade-off between getting a good night’s sleep and staying up late to finish his research project. … Do you understand the inevitable trade-off between growth and equity? … Exercising and following a strict diet instead of eating junk food was a trade-off she was willing to make to get healthy.More items…

What is the purpose of trade offs?

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.

Is trade off and opportunity cost the same?

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.

What is trade off in strategy?

Trade-offs occur when activities are incompatible. Simply put, a trade-off means that more of one thing necessitates less of another. An airline can choose to serve meals—adding cost and slowing turnaround time at the gate—or it can choose not to, but it cannot do both without bearing major inefficiencies.

Why are trade offs unavoidable?

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.

What are the benefits of trade offs?

One of the best advantages is that you can write off many of the expenses of your work life, such as travel, client entertainment, research into new products, networking, and even certain home expenses — but check with your accountant first.

What’s the difference between trade off and opportunity cost?

A trade-off is isolating what that forgone alternative is, and opportunity cost involves calculating the cost of the trade-off. Trade-off and opportunity cost are therefore linked, with the former helping to calculate the latter.

What is another word for disadvantage?

SYNONYMS FOR disadvantage 1 drawback, inconvenience, hindrance. 4 detriment, hurt, harm, damage.

What is another word for downside?

Similar words for downside: disadvantageous (adjective) a negative aspect of a situation (noun) bitter pill (noun) cognition (noun)

What is an example of trade off in economics?

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 an example of an emotional trade off?

For example, people seem to resist “putting a price on” life or justice by trading off these attributes with monetary attributes and often express distress and/or refusal when asked to do so (Baron 1986; Baron and Spranca 1997).

What is another word for trade off?

balance, set-off, disadvantage, contradiction, arbitrage, equilibrium, Equilibria, arbitrate, refereeing, ‘arbitrage, quandary, accommodation, trade, counterparty, agreement, setoff, trading, give-and-take, equalisation, conundrum, counterbalance, bargain, drawback, swap, adjudicative.

What trade means?

Trade is a basic economic concept involving the buying and selling of goods and services, with compensation paid by a buyer to a seller, or the exchange of goods or services between parties.

What is opportunity cost in this scenario?

The opportunity cost in this scenario is the three lost opportunities Harry experiences by deciding to go to his parents house. The term opportunity cost refers to the loss of potential gain from other alternatives when one alternative is chosen.