👉 In economics and related fields, a tradeoff refers to a situation where two or more alternatives have different consequences for one person but benefit another. For example, if you want to buy a house, you might choose a smaller house that is not as spacious but has better privacy and views. However, the cost of buying such a house could be higher than buying a larger house with similar features. This tradeoff highlights the importance of weighing different options and deciding which one best meets your needs or objectives.
