Grand Canyon University Tradeoffs and Opportunity Costs Discussion

Must use one reference and citation. Around 300 words, single spaced no cover sheet necessary. APA

The economic way of thinking requires administratorsto incorporate eight principles. One of the principles relates to“tradeoffs” and another principle relates to “opportunity costs” forscarce resources. Describe how public administrators must maketrade-offs by assessing opportunity costs relating to scarce resources.Let’s have a scenario to explain the terms of trade offand opportunity cost. A couple of months ago there was a damoverflow in California. The dam overflow or its consequences such asbrunet lawns, or the siltation that should be cleaned occasionallymay be considered the byproduct or undesirable condition. On otherhand, the ability to produce the chosen goods and services(hydroelectric power generation) would correspond to the desiredcondition. The outcome resulted from the two uneven conditions canbe equivalent to the trade off. In the strict sense of the word,therefore, the opportunity cost is the amount of human and materialresources sacrificed to build the dam itself. Please include suchan illustration in your posts.