BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -In common usage the word economize means to “cut costs, ” however, in strict economic terms economize means to “make decisions according to what you believe is the best combination of costs & benefits.

Detailed explanation-2: -Economists argue that most choices are made “at the margin.” The margin is the current level of activity. Think of it as the edge from which a choice is to be made. A choice at the margin is a decision to do a little more or a little less of something.

Detailed explanation-3: -A cost-benefit analysis is a process that helps you determine the economic benefit of a decision, so you can decide whether it’s worth pursuing. It’s a useful tool when you want to avoid bias in your decision-making process-especially when you’re faced with a big decision that will impact your team or project success.

Detailed explanation-4: -Cost-benefit analysis allows an individual or organization to evaluate a decision or potential project free of biases. As such, it offers an agnostic and evidence-based evaluation of your options, which can help your business become more data-driven and logical.