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- What are trade-offs in decision-making?
- What is the relationship between decisions and tradeoffs?
- Should trade-offs be considered when making decisions?
What are trade-offs in decision-making?
A trade-off (or tradeoff) is a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff is where one thing increases, and another must decrease.
What is the relationship between decisions and tradeoffs?
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.
Should trade-offs be considered when making decisions?
Making wise trade-offs is one of the most important and difficult challenges in decision making. The more alternatives you're considering and the more objectives you're pursuing, the more trade-offs you'll need to make.
