Idea The idea of cost-benefit analysis is central to econom

Idea: The idea of cost-benefit analysis is central to economics. Thinking like an economist means precisely weighing costs and benefits of an action in order to decide if that action should be done. In this way, economics is different than other social sciences because we rely on this cost/benefit analysis as a means of decision making. This is universally true and can be applied to even non-standard situations. The point of this essay is to take a decision that you have recently made (or anticipate making) and write a short essay (1 page) outlining the decision in terms of costs and benefits. The essay should Give clear explanation of the situation. Identify all relevant benefits of the situation and identify all relevant costs of the situation? Does it clearly weigh the costs and benefits of the situation to come to a decision?


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