Describe a tradeoff you have made in terms of your income or your time. What choice...
Describe a tradeoff you have made in terms of your income or your time. What choice did you make with your money or time? Why did you make that choice?
Homework Answers
Trade off is a compromise between two desirable alternatives . Between income and time( leisure time ) people make a trade off . Excessive work can have adverse effects on health . So leisure is also important . But too much leisure causes fall in income or wage , which is also necessary to sustain life . So income must be done till the point it covers all necessities and comforts without eroding away health and well being . This is the trade off between income and your time.
There is an opportunity cost of earning money . Suppose I can spend my time playing basketball ( my favourite hobby ) , but if I have to go to a job to earn money then the time of playing is lost . And if I choose to play instead of working then I lose money . Now my decision depends on my needs . If I have to make a living and pay for my bills then I will choose to work and not spend time in basketball .
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Describe a tradeoff you have made in terms of your income or your time. What choice...
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1) What is a tradeoff you face in your daily life? An example of a tradeoff...
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