Business choices

• Opportunity cost 


  The benefit thats given up in order to do something
• Trade-off


  When one thing has to be reduced/given up in order to increase/gain another
• What is an example of a trade-off?

  Deciding how to use resources
• What are some of the choices a business may have to make?

  • Design mix
  • Market research
  • Business ownership
  • Promotion
  • Pricing strategy