Title: Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits).
Course: Economics and Personal Finance (19262-36) > Section: Developing Knowledge and Integration of Basic Economic Concepts and Structures

Description should include

- understanding that few choices are all-or-nothing decisions
- defining marginal cost and marginal benefit
- defining diminishing marginal utility
- explaining the importance of the marginal cost and marginal benefit of a decision
- identifying examples of marginal costs, marginal benefit analysis using a cost- benefit analysis chart and PACED decision-making grid (i.e., state the problem; list alternatives; identify the criteria; evaluate the alternatives based on the criteria; make a decision).