Trade-Off Definition In economics, a very basic trade-off can be understood as the idea that if you choose one thing, you are going to lose another. The trade-off is taking the opportunity to have something, but in order to get that thing, you have to give up, or sacrifice, ...
Today’s article will be the interpretation of one of Professor N. Gregory Mankiw’s economics principle: People Face Trade-offs. Humans have limitless wants, we allocate resources to make them develop maximum values, so we can fulfill our wants and receive the maximum benefits. But if you na...
A trade-off is a kind of compromise that involves giving up something in return for getting something else. When looking you for an after-school job, you might have to make a trade-off: a lower hourly wage for a more convenient location, for example.
Other jurisdictions may treat trade secrets somewhat differently; some consider them property, while others consider them as an equitable right. Real-World Examples There are many examples of trade secrets that are tangible and intangible. For example,Google'ssearch algorithm exists as intellectual prop...
trade gap inEconomics topic From Longman Dictionary of Contemporary Englishˈtrade gapnoun[countable]tradedeficitExamples from the Corpustrade gap•The Government has no little interest in this as thenegativefoodtrade gapis about £5.7 billion.•Thenarrowingtrade gapmeansthatgrowthin thefourthquarte...
How Does a Trade Surplus Work in Economics? Thetrade balanceof a country is determined by comparing the sum of all its imports (i.e. the total value of the products it purchases from other countries) and its exports (i.e. the value of all the products it distributes to other countries...
While the law of comparative advantage is a regular feature of introductory economics, many countries try to shield local industries with tariffs, subsidies, or other trade barriers. One possible explanation comes from what economists callrent-seeking. Rent-seeking occurs when one group organizes and...
free trade inEconomics topic From Longman Dictionary of Contemporary Englishˌfree ˈtradenoun[uncountable]a situation in which the goods coming into or going out of a country are not controlled ortaxedExamples from the Corpusfree trade•In aseapowereconomy,vestedinterests are in open markets an...
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Macroeconomics | Definition, Principles & Examples from Chapter 4/ Lesson 9 198K Understand the definition of macroeconomics and what macroeconomics focuses on. Learn the principles of macroeconomics, including economic output, economic growth, unemployment, inflation and deflation...