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What is logical decision making based on thoughtful analysis that compares the benefits and costs of an action?

Rational Choice


What is marginal analysis?

A type of cost-benefit decision making that compares the extra benefits to the extra costs of an action


A decision-making method that compares costs and benefits?

rational choice


What are the steps of benefit analysis in the correct order?

Be presented with a decision. List the costs of the decision. Figure out all of the benefits of the decision. Compare costs and benefits to see which is bigger.


What is the importance of conducting a cost-benefit analysis in economics and how does it help in decision-making processes?

Conducting a cost-benefit analysis in economics is important because it helps decision-makers weigh the potential costs and benefits of a decision. By comparing the costs and benefits, decision-makers can determine if the benefits outweigh the costs, helping them make informed and rational decisions. This analysis helps in prioritizing resources and maximizing efficiency in decision-making processes.


What is the last step of the cost benefit analysis?

Step 6--Use the Economic Analysis for Decision Making


which term describes the process of making an economic decision by considering both the advantages and the problems that might arise from the decision?

Cost-benefits analysis


What is true of decisions made of cost benefits analysis?

The best decision results in the most benefits with the fewest costs.The best decision results in the most benefits with the fewest costThe best decision results in the most benefits with the fewest costs. Apex 8)Please provide additional information in order to receive an answer.The best decision results in the most benefits with the fewest costs.


What is true of decisions made using cost-benefits analysis?

The best decision results in the most benefits with the fewest costs.The best decision results in the most benefits with the fewest costThe best decision results in the most benefits with the fewest costs. Apex 8)Please provide additional information in order to receive an answer.The best decision results in the most benefits with the fewest costs.


What is the correct order of steps to show how a cost-benefit analysis is done?

Be presented with a decision. List the costs of the decision. Figure out all of the benefits of the decision. Compare costs and benefits to see which is bigger. OR Come up with an option. Determine the costs of the decision. Calculate the amount of benefit that would be gotten from choosing the option. See if the benefits outweigh the costs to make a decision.


What is the importance of cost benefit analysis in economics and how does it help in decision-making processes?

Cost benefit analysis is a crucial tool in economics that helps decision-makers evaluate the potential benefits and costs of a particular course of action. By comparing the expected benefits against the expected costs, decision-makers can determine whether the benefits outweigh the costs, and make informed decisions about resource allocation. This analysis helps in prioritizing projects, policies, or investments that are likely to generate the greatest overall benefit for society.


What is true of decisions made using cost-benefit analysis?

The best decision results in the most benefits with the fewest costs.The best decision results in the most benefits with the fewest costThe best decision results in the most benefits with the fewest costs. Apex 8)Please provide additional information in order to receive an answer.The best decision results in the most benefits with the fewest costs.