Give and take from middle school economics introduces the idea of trade-offs and provides practice in analyzing options before making decisions economic. Start studying economics definitions learn vocabulary, terms, and more with flashcards, games trade off decisions do not involve. Define trade-off: a balancing of factors all of which are not attainable at the same time — trade-off in a sentence.
It gave birth to the definition of economics as the science of studying human behaviour as a relationship between ends and scarce means that have alternative uses austrian economic thinking was characterised by attributing all economic activity, including the behaviour of apparently impersonal institutions, to the wishes and actions of individuals.
In economics, the term trade-off is often expressed as opportunity cost a trade-off involves a sacrifice that must be made to obtain a desired product or experience understanding the trade-off for every decision you make helps ensure that you are using your resources (whether it's time, money or energy) wisely.
Illustrate the concepts of trade offs and opportunity cost in economic terms copyright 2017 • the foundation for teaching economics • all rights. Trade-off when choices are made (collectively or by an individual) to accept having less of one thing in order to get more of something else, the results are called. Trade-off definition, the exchange of one thing for another of more or less equal value, especially to effect a compromise see more.
A trade-off (or tradeoff) is a situation that involves losing one quality, aspect or amount of something in return for gaining another quality, aspect or amount more colloquially, if one thing increases, some other thing must decrease.