1. Explain what is meant by 'trading off current consumption for future consumption'.
2. Explain what is meant by 'trading off future consumption for current consumption'.
3. Outline why it is easier for an older person to trade off current consumption for future compared to a younger person.
4. Describe how mining companies might make a trade-off between current and future spending.
5. Explain how an ageing population has forced the government to make a trade-off between current and future spending?
6. Explain what is meant by the trade-off between the short run and the run. Use an example to illusture.
7. Define 'cost-benefits analysis' and discuss how a cost-benefits analysis is related to trade-offs and opprtunity.
8. Briefly outline how a cost-benefit analysis is undertaken.
9. Define 'benefit-cost ratio' (BCR) and explain the implications of a BCR on a project being less than 1.
10. Explain why some of the costs and benefits contained in a cost-benefit analysis are subjective in nature