Explain the tradeoffs that people may face when choosing a house or an apartment

The answer is stated below:

Explanation:

The trade off which is faced by people when choosing the house or an apartment are:

Consumer or the people faced with the several options like an apartment or the house, when deciding what to purchase.

Resources - Resources means the financial condition of the person, if the resources are unlimited, then person will consider to buy a house and if the person have the resources limited, then they should consider buying an apartment.

Family preference - The person family preference need to be considered as if the family wants or like to live in house then the person should consider this and if want an apartment, then the person should consider that.