giving up is to sacrifice something 敢问这语法对吗，咋的啦？还请翻译一下：它们永远不属于你。_百度知道Video: Trade-Offs in Economics: Definition & Examples
Learn about trade-offs in economics and why they are important to understand when making good decisions about your time, money and energy. Read about some trade-offs that you make every day, whether you realize it or not.
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Instructor:
Aaron Hill
Aaron has worked in the financial industry for 14 years and has Accounting & Economics degree and masters in Business Administration. He is an accredited wealth manager.
Learn about trade-offs in economics and why they are important to understand when making good decisions about your time, money and energy. Read about some trade-offs that you make every day, whether you realize it or not.
Definition of Trade-Offs in EconomicsHave you ever had to make a decision about spending your money today versus tomorrow? For example, you might ask yourself, 'Should I go out to dinner tonight, or would I rather save my money so I can go to the movies tomorrow?' You probably make decisions like this several times a day without even realizing it. Since your resources - such as time and money - are limited, you must choose how to best allocate them by making some trade-offs. Let's learn a little more about trade-offs and why understanding this concept will help you make better decisions about your time and money. Most of us don't have so much money that we are in a position to buy everything we desire. We must put thought into every purchase and how it affects our bank account. We also must think about what type of satisfaction that purchase will give us. As a result, to get one thing that we like, we usually have to give up another thing that we also may like. Making decisions requires trading off one item against another. In economics, the term trade-off is often expressed as an opportunity cost, which is the most preferred possible alternative. A trade-off involves a sacrifice that must be made to get a certain product or experience. A person gives up the opportunity to buy 'good B,' because they want to buy 'good A' instead. For a person going to a baseball game, their economic trade-off is the money and time spent at the ballpark, as compared to the alternative of watching the game at home and saving their money, plus the time spent driving to the ball game.
Every Choice Has a Trade-Off
Trade-Off ExamplesGoing out on Friday night could involve several economic trade-offs. Let's say you really want to go to the bar with your friends. You will likely spend $40 that evening and get home at 1 AM. The first trade-off might be the four hours you are giving up that you could use to perhaps finish your term paper. Another potential trade-off might be the $40 that you need to fill up your car with gas. Finally, you know that you might wake up with a headache and most likely will miss your Saturday morning workout that you look forward to. Who would have thought you were giving up so much to go out for a few hours? The conclusion isn't that you should skip going out with your friends, but rather that you should evaluate the other alternatives, so you can make the smartest decision possible for you.
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If you're a business owner, you make a trade-off every time you buy new equipment or a company vehicle. The owner evaluates how much money he or she is going to spend and likely how much revenue or sales will be earned as a result of that investment. What is the trade-off? It may be the opportunity to take the money he or she would have spent and put it in a CD at the bank making five percent interest. It may be the opportunity of going on a vacation with his or her family. These are both trade-offs the owner may consider before he or she buys that new piece of equipment. As a grocery store shopper, you make a trade-off every time you put an item in your cart. Wow, those are a lot of trade-offs! For example, when you buy the name brand cereal, you are making a trade-off against purchasing the generic brand and using the additional savings to buy another item you may not have been able to afford otherwise. Only you can reason whether sacrificing a name brand item to buy an additional snack is worth it to you. Lesson SummaryIn economics, the term trade-off is often expressed as opportunity cost. A trade-off involves a sacrifice that must be made to obtain a desired product or experience. Understanding the trade-off for every decision you make helps ensure that you are using your resources (whether it's time, money or energy) wisely. Next time you decide to spend some extra money on a fancy dinner, think about the other things you could do with that money. Evaluating the trade-offs will help you feel good about your final decision.
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