A trade-off refers to
A) allowing the government and other organizations to choose for us.
B) sacrificing one thing for another.
C) deciding who consumes the products produced in an economy.
D) holding other variables fixed.

Question

Quizplus · Accepted Answer

A trade-off involves making a decision to sacrifice one thing for another. It is a common occurrence in economics and in our daily lives. For example, if you choose to spend money on a luxury item, then you may have to sacrifice money that could have gone towards savings or paying off debt. Similarly, if a government decides to invest in one sector of the economy, then it may have to sacrifice resources that would have gone to another sector. Therefore, the correct answer is B.

A Trade-Off Refers to