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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
The TRIPS Agreement waiver (officially titled the Waiver from certain provisions of the TRIPS Agreement for the Prevention, Containment and Treatment of COVID-19) [1] is a joint intervention communication by South Africa and India to the TRIPS council of the World Trade Organization (WTO) on 2 October 2020. [2] [3]
A trade study or trade-off study, also known as a figure of merit analysis or a factor of merit analysis, is the activity of a multidisciplinary team to identify the most balanced technical solutions among a set of proposed viable solutions (FAA 2006). These viable solutions are judged by their satisfaction of a series of measures or cost ...
Researchers in political economy have viewed the trade-off between military and consumer spending as a useful predictor of election success. [1] In this example, a nation has to choose between two options when spending its finite resources. It may buy either guns (invest in defense/military) or butter (invest in production of goods), or a ...
The United States mainly follows the end-of-pipe prevention strategy. However, US President Richard Nixon created the Environmental Protection Agency (EPA) in 1970, and one of its principal missions was to regulate pollution. EPA's implementation of policies is almost entirely voluntary. [10] There are a few keys to a successful voluntary approach.
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These scenarios are then used in conjunction with architectural approaches and architectural decisions to create an analysis of trade-offs, sensitivity points, and risks (or non-risks). This analysis can be converted to risk themes and their impacts whereupon the process can be repeated.
For example, an individual with severe asthma could be offered 10 years in their current condition, or a shorter length of time in full health. If this individual is willing to trade off two of the ten offered years in order to regain full health, this suggests that eight years in full health has the same value as ten years with severe asthma.