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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
The Williamson tradeoff model is a theoretical model in the economics of industrial organization which emphasizes the tradeoff associated with horizontal mergers between gains resulting from lower costs of production and the losses associated with higher prices due to greater degree of monopoly power.
In resource economics, Hartwick's rule defines the amount of investment in human capital that is needed to offset declining stocks of non-renewable resources. Solow [ 4 ] showed that, given a degree of substitutability between human capital and natural capital, one way to design a sustainable consumption program for an economy is to accumulate ...
In this context, tradeoffs refer to the process through which a trait increases in fitness at the expense of decreased fitness in another trait. A much agreed-on theory on what causes evolutionary tradeoffs is that due to resource limitations (e.g. energy, habitat/space, time) the simultaneous optimization of two traits cannot be achieved ...
In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale.Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask how much better it is or how good it is.
In attempts to legitimatize economic theory as ethical, the question was asked about how to "teach or preach to economists or ethicists how to become more ethical". [5] In this, social scientist Kjell Hausken posits the notion that, "if acting virtuously contributes to a character or personality which subsequently and indirectly influences economic [agent]'s reputation beneficially in the long ...
In microeconomics, a production–possibility frontier (PPF), production possibility curve (PPC), or production possibility boundary (PPB) is a graphical representation showing all the possible options of output for two that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
Market definition is an important issue for regulators facing changes in market structure, which needs to be determined. [1] The relationship between buyers and sellers as the main body of the market includes three situations: the relationship between sellers (enterprises and enterprises), the relationship between buyers (enterprises or ...