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The study of forces that determine the distribution of scarce resources. Economic
analysis provides insight into how markets operate, and offers methods for
attempting to predict future market behavior in response to events, trends,
and cycles. Economic analysis is also used by governments to determine tax
rates and evaluate the financial health of the nation or state
Cost/Benefit
Cost/benefit is an economic analysis technique used to determine whether a project is feasible. This
is accomplished by weighing the cost of implementation against the benefits of the project's creation.
Cost/Effectiveness
Cost/effectiveness analysis is a technique used in weighing the effectiveness of a project against its
price. Unlike cost/benefit, however, a low cost does not equate to high effectiveness, and vice versa.
Using the same scenario as an example, the owner of a sm
cost/Minimization
Cost/minimization analysis is the technique of seeking out the least expensive method of carrying
out a project. This method of economic analysis is used primarily when costs savings are at a
premium and must outweigh all other considerations.