When faced with a trade-off, there is an opportunity cost. Opportunity cost is the cost of what is given up when you make a different choice. Trade-offs are when you give up one thing to get another. Opportunity cost occurs even when you have a choice between two good options.
Please watch this video on opportunity cost and trade-offs: Opportunity Costs vs. Trade-Offs. Then, discuss the following:
Describe a time when you had to choose between two options. What did you consider when making the decision? What did you give up when you made your choice?
Describe a time that you made a choice and the opportunity cost was higher than you thought it would be. Explain why you might make a different decision if given the chance.
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