Cost Benefit Analysis - Activity

In terms of today's lesson, what is a cost?

• a negative outcome

• a positive outcome

• the price of an item

In terms of today's lesson, what is a benefit?

• a negative outcome

• a positive outcome

• the price of an item

Which TWO of the options below would be considered costs of getting a new cat?

• excess hair on clothes and furniture

• companionship

• a calming effect in your life

• a smelly litter box

Which TWO of the options below would be considered benefits of moving to a new country?

• new and interesting experiences

• making more friends

• leaving family behind

• having difficulties fitting in

A _______________________ is something that happens as a result of something else.

• consequence

• benefit

• cost

• decision

What is a benefit?

• the item you receive after you pay for it
• giving up one thing for another
• the amount of money paid for something

Which do people compare in order to make choices?

• Costs & Benefits
• Supply & Demand
• Buying & Selling
• Apples & Oranges

Which of the following is a real-life application of cost benefit analysis?

• Calculating the nutritional value of a food item

• Determining the profitability of a new project or evaluating the economic impact of a new policy or regulation.

• Evaluating the emotional impact of a marketing campaign

• Determining the best color for a new product

What is the definition of cost in cost benefit analysis?

• The amount of money or resources that must be wasted to achieve a particular outcome or benefit.

• The amount of money or resources that must be saved to achieve a particular outcome or benefit.

• The amount of money or resources that must be spent to achieve a particular outcome or benefit.

• The amount of money or resources that must be borrowed to achieve a particular outcome or benefit.

What is the definition of benefit in cost benefit analysis?

• The cost incurred from a decision or action.

• The positive outcome or advantage gained from a decision or action.

• The negative outcome or disadvantage gained from a decision or action.

• The neutral outcome or no advantage gained from a decision or action.