Final answer:
When considering the costs and benefits between seeing your friends and doing homework, you are engaging in a cost-benefit analysis. This process involves weighing the sacrifices and gains of each option to make a decision.
Step-by-step explanation:
When considering the costs and benefits between seeing your friends and doing homework, you are actually engaging in a cost-benefit analysis. This process involves weighing the sacrifices and gains of each option to make a decision.
It is important to compare the marginal costs, which are the extra costs of adding an additional unit, with the marginal benefits, which are the extra benefits of adding the same unit. By using a cost-benefit analysis, you can evaluate the trade-offs and make the most productive or beneficial decision possible.