Economic Decision Making Quick Check What is the definition of a benefit?

Answer 1

In economic terms, a benefit refers to the value or advantage gained from a particular action, decision, or investment. It is the positive outcome or gain that results from choosing one option over another. Benefits can be tangible, such as increased income or saved costs, or intangible, such as improved well-being or satisfaction. In decision-making, weighing benefits against costs helps individuals and organizations to evaluate the desirability of different choices.