A key idea in economics is the cost-benefit principle, which states that decisions should only be made if the benefits outweigh the costs. This demonstrates the trade-offs included in every decision-making process.
What is benefit-cost analysis?
A benefit-cost analysis is a methodical procedure for locating, estimating, and contrasting the anticipated advantages and disadvantages of an investment.
BCA can be used to determine whether a project offers users significant economic advantages compared to the resources needed to achieve it.
What are cost-benefit analyses used for?
It is typical to anticipate that supply and demand will balance out. Comparing the costs and benefits of a certain course of action is the aim of cost-benefit analyses.
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