CLEP Principles of Macroeconomics Exam Prep

Answer - C - Trade-off is the correct term for the simple act of giving one thing up for another.

Key Takeaway: Remember not to confuse trade-off with “opportunity cost,” which is often used in tandem with the term “trade-off.” Opportunity cost refers to the concrete value of what you are giving up in the trade off (often in terms of time or money).