Give three examples of important trade-offs that you face in your life. What are the opportunity...
Give three examples of important trade-offs that you face in your life. What are the opportunity costs of such trade offs? How do you think that impacts on a larger scale?
Homework Answers
1) The first important Trade Off is while making a career choice after high school to support ourselves and college education is the opportunity cost
2) The second trade of is going to University after high School or working for a while where the opportunity cost is the amount earned if a job is done.
,3) The third trade off is Buying a house where the opportunity cost would be all the savings over years or part of salary as mortgage.
In this regard, it can be mentioned all trade offs are important and have an impact in life while the second trade off when you quit your job and move on for education can have a greater impact in life as it could result in any extremes leaving you jobless.
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