What is trade off and opportunity cost


The Tampa Tribune, April 7, Tradeoffs are important in engineering. As such, with mittens and gloves, warmth versus dexterity is the trade-off. As long as the marginal benefit of an activity exceeds the marginal cost, people are better off doing more of it; when the marginal cost exceeds the marginal benefit, they are better off doing less of it.

Scarcity exists when resources have more than one valuable use. Parental care as a function of fecundity would show a negative sloped linear graph. Distribute practice PPF problems for students to work on individually or in small groups. Group the list items into standard categories of allocation systems:

Identify the productive resource categories and why these are scarce. Producers make choices differently than consumers. Then, tell the class that what they just did is reflective of economies throughout the world. As long what is trade off and opportunity cost the marginal benefit of an activity exceeds the marginal cost, people are better off doing more of it; when the marginal cost exceeds the marginal benefit, they are better off doing less of it. Political campaigns also involve tradeoffs, as when attack ads may energize the political base but alienate undecided voters.

Comparing the benefits and costs of different allocation methods in order to choose the method that is most appropriate for some specific problem can result in more effective allocations and a more effective overall allocation. Of course, a user of what is trade off and opportunity cost large trashcan could carry the can outside frequently anyway, but the heavier can would weigh more and the user would have to think more about when to take the can out, or confine themselves to a schedule, compared to a smaller can which is evidently full when it takes taking out. In biology what is trade off and opportunity cost microbiologytradeoffs occur when a beneficial change in one trait is linked to a detrimental change in another trait. In medicinepatients and physicians are often faced with difficult decisions involving tradeoffs. In the case of food waste, a second trade-off presents itself as large trash cans are more likely to sit for a long time in the kitchen, leading to higher levels of decomposing food indoors and a potential pest attraction.

Like many academic disciplines, economics has its own language, in which the definition and usage of familiar terms — like scarcity — differ from those of everyday speech, and even from one discipline to another. Retrieved from " https: With a small trash can, the can will be taken out to the Dumpster more often, thus eliminating the persist rot that attracts pests.