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"trade-off" as the choice you have to make between two options, given limited resources and the ability to only choose one. After you make the choice, the "opportunity cost" is the lost chance to enjoy an item you did NOT select because of the choice you just made.

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Q: How are trade-offs and opportunity cost related?
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Related questions

How are the concepts of scarcity choice and opportunity cost related?

No, scarcity, choice and opportunity are not related to cost. All of these aspects of business are related to availability. Sometimes, costs plays a role though.


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