Tradeoffs are inevitable in decision-making from "summary" of The Economic Naturalist by Robert H. Frank
In any decision-making process, there are always tradeoffs that must be taken into account. These tradeoffs are inevitable because resources are scarce, and every decision involves allocating those resources in some way. For example, when a consumer decides to purchase a new car, they must weigh the tradeoffs between different features such as price, fuel efficiency, and safety. They cannot have a car that is both inexpensive and extremely safe, as there is typically a tradeoff between the two. Similarly, businesses must make tradeoffs when deciding how to allocate their limited resources. For instance, a company ma...
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