Examples From Common Life
In economics the term is expressed as opportunity cost, referring to the most preferred alternative given up. A trade-off, then, involves a sacrifice that must be made to obtain a certain product, rather than other products that can be made using the same required resources. For a person going to a basketball game, its opportunity cost is the money and time expended, say that would have been spent watching a particular television program.
Read more about this topic: Trade-off
Famous quotes containing the words examples, common and/or life:
“Histories are more full of examples of the fidelity of dogs than of friends.”
—Alexander Pope (1688–1744)
“This was the noblest Roman of them all.
All the conspirators save only he
Did that they did in envy of great Caesar.
He only, in a general honest thought
And common good to all, made one of them.”
—William Shakespeare (1564–1616)
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to you Song Incarnate, we give all our praise,
to you, Holy Spirit, our life and our breath,
be glory for ever, through life and through death.”
—Peter Davison (20th century)