All decisions involve trade-offs. Trade offs are the alternatives one gives up whenever one chooses one course of action leaving out out all other alternative courses of action.
Trade-offs are practically found in all economic decisions. For instance, when one chooses to take a special cup of cappuccino for $330, this excludes spending this amount of cash on tea or fruit juice. When you choose to buy an expensive piece of art, you will have to spend more money towards maintenance and security of the painting. If you decide to work in a far-off city due to better pay there, you spend less time with family and friends in your hometown.
Explanation:
Resources can broadly be classified upon their availability—they are classified into renewable and non-renewable resources. Examples of non-renewable resources are coal, crude oil natural gas nuclear energy, etc. ... An item becomes a resource with time and developing technology.
