Question

Trade-off is another name for the term ___.

Answer 1

Answer:

Opportunity cost.

Explanation:

When economists refer to the “opportunity cost” of a resource, they mean the value of the next-highest-valued alternative use of that resource. In economics, a trade-off is defined as an "opportunity cost." For example, 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