Trade-offs are alternatives that must be given up when one choice is made rather than another.

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20 February, 18:38

Trade-offs are alternatives that must be given up when one choice is made rather than another.

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Holland · Answer 1

Answer:Making Economic Decisions

Individuals are forced to make trade-offs every time they use their resources in one way and not in another. The cost of making a trade-off is known as opportunity cost-the value of the next best alternative that has to be given up to do the action that is chosen.