Trade-off
What Trade-off means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Trade-off
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Check what you remember
Read the wording for your board, then hide it and explain Trade-off in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
The balance between higher labour costs and improved worker productivity or retention when pay and conditions are improved.
The process of giving up one option in order to gain another.
Topics that use Trade-off
- Ethical issues (Pearson Edexcel A-Level)
- The economic problem (Pearson Edexcel A-Level)
Related terms
- Trade-offs
- Advertising Standards Authority (ASA)
- Competitive advantage
- Economic agents
- Factors of production
- Misleading product labelling
- Profit maximisation
- Rational decision making
Using Trade-off in the exam
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