Short and Long-term Consequences

Question 1

What are short-term consequences?

Answer 1

• Trade-offs and opportunity costs are involved
• Involves not only monetary costs but the real costs of each choice such as the loss of time and energy or utility derived from the choice

Question 2

What are long-term consequences?

Answer 2

• Consequences are less obvious
• Ongoing consequences of the options such as maintenance, recurring costs etc.