GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cost-Benefit Analysis
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Diversify
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Economize
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Spectate
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Detailed explanation-1: -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-2: -Economists assume that individuals make choices that seek to maximize the value of some objective, and that they define their objectives in terms of their own self-interest. Individuals maximize by deciding whether to do a little more or a little less of something.
Detailed explanation-3: -A cost-benefit analysis (also called a benefit-cost analysis) is a decision-making tool that helps you choose which actions are worth pursuing. It provides a quantitative view of an issue, so you can make decisions based on evidence rather than opinion or bias.