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Summarize what you learned in the video and today's lesson using the vocabulary words from the vocabulary list.

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Benefits – Monetary or non-monetary gain received because of an action taken or a decision
made
Costs – What must be given up to obtain something. The effort, loss or sacrifice necessary to
achieve or obtain something.
Cost-benefit analysis – A process of examining the benefits (positive results) and costs (what is
given up – lost benefits) of each available alternative in arriving at a decision.
Diminishing marginal utility – A widely observed relationship in which the additional
satisfaction (marginal utility) associated with consuming additional units of the same product in a given amount of time eventually declines.
Marginal analysis – A decision-making tool for comparing the additional or marginal benefits
of a course of action to the additional or marginal costs.
Marginal benefit – The additional gain from consuming or producing one more unit of a good
or service; can be measured in dollars or satisfaction. The benefit gained by consuming one more
of something.
Marginal cost – The increase in a producer's total cost when it increases its output by one unit.
The cost incurred by consuming one more of something.

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To make decisions that provide the greatest possible return (output or return on investment) from
the resources available, people and organizations must weigh the benefits and costs of using their
resources to do more of some things, and less of others. For example, to use your time
effectively, you must weigh the additional benefits and costs of spending another hour
studying economics rather than listening to music or talking with friends. School officials must
decide whether to use some of their funds to buy more books for the library, more helmets for
the football team, or more equipment for teachers to use in their classrooms. Company managers and directors must choose which products to make and whether to increase or decrease the amount they produce. The President, Congress, and other government officials must decide
which public spending programs to increase, and which to decrease. Focusing on changes in
benefits and comparing them to changes in costs is a way of thinking that distinguishes
economics from most social sciences. In applying this approach, you should realize that it is
impossible to alter how resources were used in the past. Instead, past decisions only establish the
starting points for current decisions about whether to increase, decrease, or leave unchanged
resource levels devoted to different activities.
Question:In a nutshell what are they saying?

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I can demonstrate knowledge of basic economic concepts
and structures by describing how effective decision-making requires comparing the additional
costs (marginal costs) and additional benefits (marginal benefits).

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8 shahd

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when we are choice the amount of profit or loss and they given back to us in implemented in other areas