People face trade-offs
The first principle of economics states: "People face tradeoffs". Give at least two examples (in paragraph form) in your life where this principle is true.
It states that something must be forgiven so as to attain one thing. Trade-offs between two choices is obvious while making decisions. For example, one time goes to a theatre to watch movie, I am trading off the money that I can be use to buy food, buy books or, get other required things. At the same time I am also giving up time that I can spend working, playing, reading, studying or, doing some other task.
Similarly, society is also bound to trade-off between equity and efficiency where efficiency refers to get most from the scarce resources and equity refers to the fair distribution of the benefits of those resources. For example, Unemployment benefits creates a trade-off between equity and efficiency as it increases equity by providing money to unemployed people while reduces efficiency because of lack of work force.
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