Grand Canyon University Tradeoffs and Opportunity Costs Discussion

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Must use one reference and citation. Around 300 words, single spaced no cover sheet necessary. APA

The economic way of thinking requires administrators to incorporate eight principles. One of the principles relates to “tradeoffs” and another principle relates to “opportunity costs” for scarce resources. Describe how public administrators must make trade-offs by assessing opportunity costs relating to scarce resources.Let’s have a scenario to explain the terms of trade off and opportunity cost. A couple of months ago there was a dam overflow in California. The dam overflow or its consequences such as brunet lawns, or the siltation that should be cleaned occasionally may be considered the byproduct or undesirable condition. On other hand, the ability to produce the chosen goods and services (hydroelectric power generation) would correspond to the desired condition. The outcome resulted from the two uneven conditions can be equivalent to the trade off. In the strict sense of the word, therefore, the opportunity cost is the amount of human and material resources sacrificed to build the dam itself. Please include such an illustration in your posts.


Tutor Answer

agneta
School: Cornell University

Attached.

Running head: MAKING OF TRADEOFFS

1

Making of Tradeoffs
Institution Affiliation
Date

MAKING OF TRADEOFFS

2

The element of tradeoffs because of scarcity is made formal by the element of
opportunity cost. Opportunity cost is explained as the worth of the inevitable alternative. In the
event where scarce resources are being utilized, individuals, as well as corporations, are
compelled to make conclusions which possess opportunity cost (Hammond, Keeney, and Raiffa,
2015). Therefore, tradeoffs are defined as situations where individuals accept to lose a single
element ...

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