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Trade-offs

Published on Nov 23, 2015

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TRADE-OFFS

KEVIN E

THE EXCHANGE OF ONE THING OF MORE OR LESS EQUAL VALUE.

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A good example of trade offs is, in cold climates mittens do a better job at keeping your hand warm but does not allow you to use your hands as much as gloves would.

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In economics trade-offs is expressed as opportunity cost where the most desirable alternative is chosen.

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factors that affect the trade-off in a country, includes availability of a skilled labor force, machinery for producing a product, technology and
capital.