What is the term for giving up one choice for another opportunity?

What is the term for giving up one choice for another opportunity?

trade-off. the act of giving up one benefit in order to gain another, greater benefit. guns or butter. a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa. opportunity cost.

What is it called when you give up one thing for another?

Term. Tradeoff. Definition. the act of giving up one thing of value to gain another thing of value.

What is it called when an economic decision is made to give up the most attractive option because of another choice?

PLAY. Match. All of the other options that are given up when a business makes one choice over another are called. trade-offs. The cost of an economic decision that is the most attractive option that is given up because one choice was made over another.

Why are there always opportunity costs when we shift from making one product to another?

Why are there always opportunity costs when we shift from making one product to another? Some resources are better suited for use in making the first product. alternative ways to use an economy's resources. using resources in such a way as to maximize the production of goods and services.