People Face Trade-offs
The alternative you face when you decide to do one thing rather than another. To get something you want, you have to give up something else you want. Scarce resources.
Trade-off is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.
Think of allocating your time and money.
- People make trade-offs all the time
A Family faces a trade-offs whether to buy a car or spend the money on savings for meeting the future needs such as for higher education for there children .
- Businesses also make trade-offs
Businessman invests in research for new products or spend money on advertising to increase sales of old products.
- Government also face trade-offs
spend money to build new schools or build new roads.
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