Every society faces trade-offs. Explain the concept of trade-offs. Give an example.

Every society faces trade-offs. Explain the concept of trade-offs. Give an example.

 

 

Answer:

Tradeoffs refers to the condition when in order to have benefits from some other good one has to sacrifice some units of the other this is called tradeoff.

For example in society that produces only xand y goods with 100 units of labour in order to increase the production of y they have to decrease the production of x…this is called tradeoff

Asked on February 14, 2018 in economics.
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