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Economic Analysis
The systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints.
Marginal Benefit
The additional benefit obtained from consuming one more unit of a product or service.
Marginal Benefit
The additional benefit received from consuming one more unit of a product or service.
Total Benefit
The overall advantages or gains received from a good or service, including both tangible and intangible elements.
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