Final answer:
In deciding whether to use a technology, people must analyze both risks and benefits, using a cost/benefit analysis, to make informed decisions that consider financial and social implications.
Step-by-step explanation:
When deciding whether to use a technology, it is essential to analyze both risks and benefits. This balanced assessment, also known as a cost/benefit analysis, helps in making an informed decision. The process involves listing costs on one side of a T-shaped chart and benefits on the other. Costs may include financial expenditure, effort, and other opportunities given up, while benefits encompass gains made in terms of money, time, or experience from the decision. In this context, rational individuals will choose an action if the benefit's value exceeds that of the cost.
The application of this analysis is evident in diverse areas, including voting on public initiatives or assessing investments in technology. Cost/benefit analysis helps in understanding what actions produce more benefits than harm, and evaluates evidence supporting these claims. It is a vital tool in decision-making, especially in regard to the adoption and use of technology. Nevertheless, it should also account for the social and ethical implications that may arise, such as the digital divide and the potential for systemic risks.