Ask Question
BusinessBusiness
7 August, 09:20

An example to explain the difference between trade-offs and opportunity costs.

+1
Answers (1)
  1. 7 August, 10:41
    0
    The difference between trade off and opportunity cost can be illustrated from an example of not going to school can be taken.

    Explanation:

    For instance, Whenever a student does not go to school for any reason (Reason A), he misses the school. The sacrifice of going to school for any other reason is called trade off. Trade off is sacrifice one opportunity for another. However, in this instance, missing school is opportunity cost. It is the thing you sacrifice or do not choose. That means is if you miss school to attend your brother's marriage then it is your trade off to enjoy at your brother's marriage at opportunity cost of missing school.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “An example to explain the difference between trade-offs and opportunity costs. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Which of the following policies is most likely to encourage innovation, higher quality goods, and lower prices? a. Encouraging public-private partnerships b. Passing government regulations to reduce business failures and protect consumers c.
Answers (1)
Why are investment opportunities a benefit of the u. s free enterprise system
Answers (1)
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $3.10 per pound) $18.60 Direct labor (4 hours at $10.00 per hour) $40.
Answers (1)
Which of the following qualities of an organization adds to the value of its resources by making it inimitable?
Answers (1)
In calculating a predetermined overhead rate, a recent trend in automated manufacturing operations is to choose an activity base related to
Answers (1)
New Questions in Business
Richard hires Paul to paint his kitchen in two eight-hour days of work for $500. At the end of the first day, the kitchen is 85 percent complete. Richard asks Paul to stay late and finish.
Answers (1)
A manager demonstrates when he listens carefully to his subordinates and works to build trusting relationships.
Answers (1)
On March 1, 2017, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash.
Answers (1)
A. Assume that the risk-free rate is 8 percent, the required rate of return on the market (or an average-risk stock) is 13 percent, and the required rate of return on Acme Healthcare stock is 15 percent.
Answers (1)
taxes: a. are unlikely to affect market supply and demand b. are copmulsory payments to governments c. never affect efficiency in the allocation of resourcesd. are voluntary payments to governments
Answers (1)
Home » Business » An example to explain the difference between trade-offs and opportunity costs.
Sign Up Forgot Password?