Definitions
A game when one person wins and one person loses.
What is a zero-sum game?
If I am staving I would trade my watch for some food.
What is a trade-off?
A game where everybody could win.
What is a non-zero-sum game?
My friend and I Were playing a game of Monopoly she ended up with nothing and I ended up with everything.
What is a zero-sum game?
The most desirable alternative is given up as a result of a decision; the benefit you gave up when you made the decision.
What is opportunity cost?
All of my friends and I Passed that one class we all thought we'd all fail.
What is a non-zero-sum game?
When you give up something for something that will benefit you.
What is a trade-off?
I gave up a night of being with my friends to study for a test.
What is a benefit-cost?
Weighing the positives and negatives of a product that will benefit you the most.
What is benefit-cost?
I really wanted the new iPhone 13 but decided to save my money for the bills/rent.
What is opportunity cost?