Final answer:
A trade-off is another name for the term opportunity cost. It refers to the concept of giving up one thing in order to gain another.
Step-by-step explanation:
A trade-off is another name for the term opportunity cost. It refers to the concept of giving up one thing in order to gain another. In economics, it is the cost of choosing one option over another. For example, if you decide to spend your money on buying a new video game, the opportunity cost would be the other things you could have bought with that money.
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