The economics discipline focuses on understanding trade-offs in decision making.---- true
What is a meant by economy?
An economy is a system of production and consumption related activities that ultimately determine the proper allocation of resources within a group. The production and consumption of goods and services to fulfill the needs and wants of people living and operating within it.
What is trade-off in economics with example?
In economics, a trade-off is explained as an "opportunity cost." For instance , you might take a day off work to attend a concert, gaining the opportunity of seeing your favorite band, while losing a day wages as the cost for that opportunity.
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