Trade-off
A trade-off (or tradeoff) is a situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.
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Quotes
[edit]- Recognizing that people face trade-offs does not by itself tell us what decisions they will or should make. A student should not abandon the study of psychology just because doing so would increase the time available for the study of economics. Society should not stop protecting the environment just because environmental regulations reduce our material standard of living. The poor should not be ignored just because helping them distorts work incentives. Nonetheless, people are likely to make good decisions only if they understand the options they have available. Our study of economics, therefore, starts by acknowledging life’s trade-offs.
- N. Gregory Mankiw, Principle of Economics (6th ed., 2012), Ch. 1. Ten Principles of Economics
