People face tradeoffs; where having more of one thing results in having less of another
The tradeoff of a family wanting to buy a new car is anything that this decision results in reducing. For example, the amount of money spent on everyday things such as food, drinks, clothes, and accessories. It also makes the family limit spending on trips in holidays. The time the family spends limiting depends on which car they’re buying and how expensive it is.
The member of congress decides how much to spend on national parts. The tradeoffs are other important national. Expenses that might help the government such as research and development, national defense, army training, healthcare, and social security.
For a company president to decide whether to open a new factory. The tradeoff of this depends on the revenue and expenses. For example, if the expense of this procedure including salaries, equipment, utilities, etc. will cost 100000. Assume the revenue of the sales will sum up to 120000. The company is gaining a profit of 20000 the tradeoff is the expense is the expenses spent in order to open the factory and whether or not he should open it depends on the net profit or net loss assumed.
One tradeoff of how a professor prepares for the class is the quality of the lecture and how useful the information he delivers is.
Another tradeoff is the professor’s time spent preparing for class. The more time he spends preparing the less time he will have for themselves and or their personal life and activities such as time spent with family.
The tradeoff of this decision is limiting the knowledge you have as well as your income in the future. Also, spending time studying causes less time to have fun with your friends and if you are studying abroad the tradeoff is less time with your family.