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The Williamson tradeoff model is a theoretical model in the economics of industrial organization which emphasizes the tradeoff associated with horizontal mergers between gains resulting from lower costs of production and the losses associated with higher prices due to greater degree of monopoly power.
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.
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 ...
Additionally, scarcity implies that not all of society's goals can be pursued at the same time; trade-offs are made of one goal against others. In an influential 1932 essay, Lionel Robbins defined economics as "the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". [15]
Fig 2: Eco-costs are based on marginal prevention costs at the no-effect-level (the costs in euro/kg of the technical measure) . The eco-costs system has been introduced in 1999 on conferences, and published in 2000-2004 in the International Journal of LCA, [3] [4] and in the Journal of Cleaner Production., [5] [6]
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A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or nations, which arise from differences in their factor endowments or technological progress. [2]
[1] [2] [3] Therefore, people who evaluate their time in terms of money are more likely to trade their time for money (i.e., workers provide their time to organizations in exchange for money)—as illustrated by research examining time and money trade-offs. [4] Trading time for money is revealed through people's time use decisions.
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