WebOpportunity cost is the value of the best opportunity forgone in a particular choice. It is not simply the amount spent on that choice. The concepts of scarcity, choice, and opportunity cost are at the heart of economics. A good is scarce if the choice of one alternative requires that another be given up. WebMar 22, 2024 · A trade-off arises where having more of one thing potentially results in having less of another. The table below lists some examples of how trade-offs often arise in business - as a result of …
Trade Offs and Opportunity Cost - Foundation For Teaching Economics
WebTerms in this set (8) guns or butter. a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods. trade-off. accepting less of one "thing" to get more of something else. opportunity cost. the highest valued alternative given up when a choice is made. WebTrade-off. 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 … targus laptop trolley bag
Quiz & Worksheet - Trade-Offs in Economics Study.com
WebNov 30, 2024 · A big issue in economics is the tradeoff between efficiency and equity. Efficiency is concerned with the optimal production and allocation of resources given existing factors of production. For example, producing at the lowest cost. See: Different types of efficiency Equity is concerned with how resources are distributed throughout … WebJun 16, 2024 · Definition. A production possibilities curve in economics measures the maximum output of two goods using a fixed amount of input. The input is any combination of the four factors of production: natural resources (including land), labor, capital goods, and entrepreneurship. WebTrade-off definition: An exchange; esp., a giving up of one benefit, advantage, etc. in order to gain another regarded as more desirable. targus leather briefcase