Question

Suppose you've just won tickets to go see your favorite band. Unfortunately, the show is the same date as your little sister's birthday party. Assume you can't attend both the concert and the birthday party. This is an example of _______.

Answer 1

The correct answer is trade-off.

Step-by-step explanation:

The trade-off is a situation in which to increase one thing you need to decrease another. This situation arises because of the scarcity of resources. Since resources are limited we cannot increase spending on everything. To increase spending on one thing we need to give up or decrease spending on others.

Here, time is a fixed resource you can either spend it on a concert or on a birthday. In order to choose one, you have to give up another.

Answer 2

trade-off

Step-by-step explanation:

The situation which arises when two desirable events occurs at the same time and a decision is needed what to choose and what not to between the two favorite events is called as a trade-off.

It is a compromising situation where people need to choose between two desirable situations or two opposing situations. This is difficult situation or a balancing situation between two events.

Therefore, the answer is trade-off.