Opportunity cost and trade off

           Opportunity Cost 

Giving up something else to get something and the value of the thing given up is called opportunity cost 

For Example Of Opportunity cost

 Between study and sleep , if one studies without  sleep ,then sleep is his / her opportunity cost.

                                           OR

Between Book and dress, if someone purchase book without dress , the dress is his / her opportunity cost .

                          Trade Off

Trade -off usually refers to the decision that depends on the opportunity cost .If we want to take one thing out of two things , we must give up  the other thing. That is , if we want to increase the quantity or quality of one thing , we  must decrease the quantity or quality of the other thing.

                               For Example Of Trade Off

Anyone can trade off between studying and vacationing . If someone studies without taking vacation or taking vacation without studies.