Trade Off

_______ cost of the next best alternative use of money, time, or resources when one choice is made rather than another

• trade-off

• opportunity cost

• need

• want

When you make a choice, all the options that you have are called...

• Trade-offs

• opportunity cost

• lost opportunities

• options

What name is given to the most important item you give up when you make a decision?

• Trade-offs

• Opportunity cost

• Lost opportunities

• Options

What are the trade-offs of Juan's decision to go to work?

• Go to work

• Go to a football game

• Go to a friend's house

• Go home and sleep

Juan came up with the following prioritize (in order) list of what he could do Friday after school.

An economist would say that the economic cost of Juan going to work was...

• Going to work

• Going to a football game

• Going to a friend's house

• Going home and to sleep

Which of the following BEST represents the definition of a trade-off?

• the competition between two individuals selling the same product

• giving something up without the expectation of a benefit in return

• the act of giving something up

• giving up something of value in order to gain something of greater value

Refer to the graph provided: If a technology company decreases its production of mobile phones from 8 phones per day to 7 phones per day, this will result in an increase in the production possibilities of how many cameras per day?

• eighteen

• one

• twenty-seven

• ten

Which of the following is an example of a trade-off in a social context?

• Choosing to spend time volunteering instead of working extra hours for pay

• Buying a new car instead of a used one

• Saving money in a bank account

• Investing in stocks

In social studies, a trade-off often involves balancing which two factors?

• Cost and benefit

• Supply and demand

• Profit and loss

• Risk and reward

What is a common trade-off when a government decides to increase spending on healthcare?

• Reduced spending on education

• Increased taxes

• Higher inflation

• Lower interest rates