Question

ECONOMICS 1.03 justify the choice you make based on a costs and benefits analysis

Answer 1

Cost and benefit analysis is where you compare the benefit you receive to the cost you pay.

For example: going to a movie costs $30. The benefit is seeing the movie you’ve been wanting to see. If you go to the movie you analyzed that the benefit is greater than the cost. If you stayed home, you analyzed that the cost is greater than the benefit.