Question

What is the difference between benefits and costs?

Answer 1

Benefits and costs are involved in all life choices. A benefit is what is gained from a decision, while a cost is what is given up or lost. Benefits and costs can be amounts of money or other things, like how you feel about a decision.

Step-by-step explanation:

Answer 2

Benefits are what is gained from a decision, while costs are what is given up in order to gain something else.

Step-by-step explanation:

Benefits and costs are two key factors that are considered in decision-making processes. Benefits are what is gained from a decision in terms of money, time, experience, and other improvements. On the other hand, costs are what is given up in terms of money, effort, and other sacrifices to gain something else.

For example, let's consider a decision to start a business. The benefits of starting a business may include generating profits, gaining independence, and fulfilling a passion. However, the costs may include investing money, time, and resources, as well as taking on financial risks.

It is important to weigh the benefits and costs of a decision to determine if the benefits outweigh the costs or vice versa. This helps individuals and organizations make informed choices and allocate their resources wisely.