All economic choices involve trade-offs
Step-by-step explanation:
While making any economic decisions, trade-offs are the prime and common choice opted. In economics, trade-off simply means ‘opportunity costs’, which provides a ‘next preferred or best alternative’ for something.
It is the equivalent value that an individual gives up so as to get or purchase something else or sacrificing one commodity for another or service in return for another service.
Trade-offs occur among all the people and nations. In any purchase, money is exchanged for a good, this itself is a trade-off.