Opportunity cost:
Opportunity cost is the cost that must be beared in order to start some action. In other words, opportunity cost is the something which we prepared to lose to gain something which we value more.
Tradeoffs:
A tradeoff is a sacrifice to be made in order to gain something. In tradeoffs a compromise should be made.
Differences:
| Basis | Opportunity costs | Tradeoffs |
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| Definition (www.oxforddictionaries.com) | The loss of the other alternatives when one alternative is chosen. | A balance achieved between two desirable but compatible features; a compromise |
| Synonyms | Accommodation, understanding, arrangement, settlement and accord | |
| Antonyms | Denial, misunderstanding, refusal, disagreement | |
| History | The term was coined in 1914 by Austrian economist Friedrich von Wieser in his book Theorie der gesellschaftlichen Wirtschaft. | |
| Word origin | It was originated in between 1910-15. | It was originated in between 1960-65. |
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| Advantages/Benefits | Its advantages are:
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| Disadvantages | Its disadvantages are:
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