Which of the following statements accurately reflect the concept of trade-offs in microeconomics? Select all that apply.

In microeconomics, trade-offs refer to the choices we make when we have limited resources, like time or money. When we decide to spend our money on one thing, we often have to give up something else we might want. For example, if you have $10 and choose to buy a book instead of going to the movies, your trade-off is the fun experience of watching the movie. This concept helps us understand that every decision involves weighing the benefits of one option against the costs of another. Therefore, recognizing trade-offs is crucial for making informed daily decisions about how to use our resources wisely.