Describe some of the trade-offs faced by each of the following: a) A family decide whether to go the vacation b) A Finance Minister deciding how much to spend on National Museums c) A Company CEO deciding whether to expand existing factory

a) Trade off involved in a family planning to go on a vacation is that money that is to be spent on vacation could be spent on buying other things like a car or new clothes or on having food. That money could also be used for meeting education expenses of children.

b) If the Finance minister plans to spend money on National museums, then the trade off of this decision will be money to be spent on National museums could be used for other important things like on Defence, infrastructure or for education policies.

c) If a company plans to expand its existing factory, it will result in limiting investment in other new projects like starting a new product line or opening a new factory in a new place like a new city.