Final answer:
Evaluating the possible positive and negative outcomes of different economic decisions is called a Cost Benefit Analysis. This involves weighing the costs and benefits to make informed decisions.
Step-by-step explanation:
Evaluating the possible positive and negative outcomes of different economic decisions is called a Cost Benefit Analysis.
This process involves weighing the costs, which are what is given up in terms of money, effort, and other sacrifices, against the benefits, which are what is gained from a decision in terms of money, time, experience, and improvements. By comparing the costs and benefits, individuals and organizations can make informed decisions.