Question

Any alternatives we give up when we make a choice are called

Answer 1

It's called compensation. Compensation is the alternative that is sacrificed when a decision is made. They are the alternatives that are abandoned each time a course of action is chosen over another. It is the most important sacrifice that results from making a decision.

Answer 2

The correct answer is:

Trade off

The term Trade off in economics, is expressed as an oportunity cost, which means is the most preferred possible alternative. Trade off is the option we sacrifice, to obtain a product, good or service. On the other hand opportunity cost is the cost of the second best alternative given up to make a choice.