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Trade-offs

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AP Microeconomics

Definition

Trade-offs refer to the choices individuals or societies make when they give up one thing to gain something else. It involves sacrificing one option for another due to limited resources.

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"Trade-offs" also found in:

Subjects (49)

AP Macroeconomics
Advanced Negotiation
Blockchain Technology and Applications
Blockchain and Cryptocurrency
Business Analytics
Business Decision Making
Business Diplomacy
Business Economics
Business Ecosystems and Platforms
Business Ethics and Politics
Business Ethics in Artificial Intelligence
Business Microeconomics
Business Strategy and Policy
Cell and Tissue Engineering
Change Management
Competitive Strategy
Consumer Behavior
Data Science Statistics
Design Strategy and Software
Design Strategy and Software I
Differential Calculus
Economics of Food and Agriculture
Evolutionary Biology
Future Scenario Planning
General Biology I
Global Poverty Entrepreneurship
Honors Economics
Intermediate Microeconomic Theory
International Organization
Logistics Management
Managerial Accounting
Mechanical Engineering Design
Media Strategies and Management
Negotiation and Conflict Resolution
Negotiations
Neuromorphic Engineering
Optimization of Systems
Organization Design
Personal Financial Management
Principles of Economics
Principles of Macroeconomics
Principles of Microeconomics
Professional Selling
Project Management
Public Policy Analysis
Robotics and Bioinspired Systems
Separation Processes
Strategic Improvisation in Business
Sustainable Business Practices

Practice Questions (3)

Why are trade-offs necessary in decision-making when faced with scarcity and limited resources?
What is one of the trade-offs involved in a command economic system?
A firm decides to reduce its output in order to lower its per-unit costs. What potential risks or trade-offs should the firm consider before making this decision?

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Trade-offs

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AP Microeconomics

Definition

"Trade-offs" also found in:

Subjects (49)

Practice Questions (3)

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study guides for every class

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Trade-offs

from class:

AP Microeconomics

Definition

Related terms

"Trade-offs" also found in:

Subjects (49)

Practice Questions (3)

© 2024 Fiveable Inc. All rights reserved.

AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.

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