People faces trade off -is a situation that we almost face every day in our life. While we make every purchase we are doing a trade off. When we buy a particular product we are actually letting go of the other products that we could have bought . Now this product we let off not only includes similar products ,it includes also products that can be brought with the same amount of money. For example when you go to purchase a mobile phone the other options are not only other smartphones but also things that could be bought with the same budget . People faces trade off means choosing from alternatives. Sometimes we might go to buy one thing and end up buying other things . This is also part off people faces trade off. Sometimes we might go to buy a churidar and end up buying saree at last. Now the trade off decision is usually taken using cost benefit analysis. We bought saree thinking that if I buy saree my mother can also use it .Therefore there is many benefits in the same price.Whenever we have to choose from options we go with the one that gives us more benefits or profits.
Economics when applied to real life sounds beautiful. this blog is for those students who are discovering the different facets of economics applications and want to share their discoveries.
Saturday, July 21, 2018
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