Trade-offs is an economic concept often expressed as an opportunity-cost, in which a person or entity is forced to select the most preferred possible alternative. It is the concept I have learnt from the video showing the sacrifices that people have to make to get particular products or experiences. I have faced different instances of trade-off in an attempt to select the best possible option to satisfy my needs.
In numerous occasions I have faced challenges in trying to give up the opportunity of buying a particular product at the expense of the other. In my experience, I have often chosen to watch a live game on the television instead of physically travelling to the actual pitch to watch. In this particular instance, I have often saved the money used for transport and the time spent to reach the stadium or arena. In addition, I have often faced a trade-off in studying economics instead of mathematics at a given point in time. Consequently, I have spent 15 dollars to buy a study guide instead of purchasing a pizza. The mentioned life experiences denotes the significance of trade-offs economic concept in my personal life. I have been able to make the right choices in life when faced with the challenge of selecting between two objects or experiences.
Indeed, I often make decisions involving trade-offs on a daily basis. The fact that resources like money and time are limited; a person must be able to choose the best way to allocate the resources in a product or experience satisfying the current significant need. Therefore, making decisions on satisfying current needs require a person to trade off one item against another and in the process save money and time.