Asked by Daisy Farhm on Jul 05, 2024
Verified
Trade-offs are involved in most policy decisions.
Trade-Offs
The concept of giving up one thing in return for gaining another, often used in the context of making decisions that involve a compromise.
Policy Decisions
Choices made by governments or organizations regarding laws, regulations, and actions to achieve specific economic or social goals.
- Comprehend the principle of opportunity cost and its importance in making economic decisions.
Verified Answer
RE
Robert ElkindJul 09, 2024
Final Answer :
True
Explanation :
Policy decisions often involve trade-offs because resources are limited, and prioritizing one area may lead to less focus or resources available for another, necessitating a balance between competing interests and outcomes.
Learning Objectives
- Comprehend the principle of opportunity cost and its importance in making economic decisions.
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