Benefit/Cost Analysis

The first step in Benefit/Cost Analysis is (a)   .

• Identify the goal and the resources
• Identify the available alternatives
• List the advantages and disadvantages
• Narrow the alternatives down to two

• Make your choice and understand the opportunity cost of your choice.

After you have identified the goal and the resources, your next step is to (a)  

• Identify the goal and the resources
• Identify the available alternatives
• List the advantages and disadvantages
• Narrow the alternatives down to two

• Make your choice and understand the opportunity cost of your choice.

After you have identified the available alternatives to reach the goal, your next step is to (a)  

• Identify the goal and the resources
• Identify the available alternatives
• List the advantages and disadvantages of each alternative.

• Narrow the alternatives down to two

• Make your choice and understand the opportunity cost of your choice.

After you have listed the advantages and disadvantages of each alternative, your next step is to (a)  

• Identify the goal and the resources
• Identify the available alternatives
• List the advantages and disadvantages
• Narrow the alternatives down to two.

• Make your choice and understand the the opportunity cost of your choice.

The final step in Benefit/Cost Analysis is to (a)  

• Identify the goal and the resources
• Identify the available alternatives
• List the advantages and disadvantages
• Narrow the alternatives down to two.

• Make your choice and understand the opportunity cost of your choice.

In any decision, there are (a)   choices.

• At least 2
• 3 or more
• 1

In any decision, there are (a)   alternatives.

• At least 2
• 1
• at least 3
• at least 4

In any decision, there are how many costs?

• At least two
• One
• There are as many costs as there are alternatives.

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The opportunity cost in this example is_____.

• Maximizing my well-being on a Sunday

• 3 hours of my human capital

• watching football

• studying for my econ class

To achieve my goal of maximizing my well-being on Sunday , I used 3 hours of my human capital to watch football instead of studying for my econ class. The RESOURCE in this example is_____.

• Maximizing my well-being on a Sunday

• 3 hours of my human capital

• watching football

• studying for my econ class