Question

Describe trade-off in how a person might reduce the risk and give examples.

Answer 1

A tradeoff is loosely defined as any situation where making one choice means losing something else, usually forgoing a benefit or opportunity. We experience tradeoffs in zero-sum situations, when a plus in one area must be a negative in another.

trade off is an exchange where you give up one thing in order to get something else that you also desire

1 An example of a trade off is when you have to put up with a half hour commute in order to make more money.

2 you might take a day off work to go to a concert, gaining the opportunity of seeing your favorite band, while losing a day's wages as the cost for that opportunity.

importance of trade off

he term trade-off is often expressed as opportunity cost. A trade-off involves a sacrifice that must be made to obtain a desired product or experience. Understanding the trade-off for every decision you make helps ensure that you are using your resources (whether it's time, money or energy) wisely