What is the definition of a benefit?
(1 point)
Responses
a government-provided reward
a government-provided reward
a high rate of return on investment
a high rate of return on investment
an advantage of making a specific choice
an advantage of making a specific choice
an ability to produce better goods than the competition
an advantage of making a specific choice
A city council has $100,000 to spend on city improvements. The council may choose to spend this money on buying two new fire trucks or updating four local parks. Which of the following is a trade-off of choosing to spend the money on four local parks?
(1 point)
Responses
Firefighters must use older trucks.
Firefighters must use older trucks.
Local parks will be open shorter hours.
Local parks will be open shorter hours.
More people will enjoy visiting local parks.
More people will enjoy visiting local parks.
No money will be available to pay firefighters.
No money will be available to pay firefighters.
You have limited money with which to buy lunch while out with friends. What is the most likely short-term consequence of choosing to spend all of the money on a pack of cookies in the morning?
(1 point)
Responses
getting hungry in the afternoon
getting hungry in the afternoon
saving money for another lunch
saving money for another lunch
giving up eating lunch tomorrow
giving up eating lunch tomorrow
deciding to eat cookies for lunch every day
getting hungry in the afternoon
The correct definition of a benefit is "an advantage of making a specific choice." To arrive at this answer, we can examine the given options.
Option 1: "a government-provided reward" does not capture the full meaning of a benefit, as benefits can arise from various sources, not just the government.
Option 2: "a high rate of return on investment" is more closely related to the concept of profit or financial gain, rather than a benefit in a general sense.
Option 3: "an advantage of making a specific choice" accurately defines a benefit. In many contexts, a benefit refers to the positive outcome or advantage obtained by choosing a particular option or course of action.
Option 4: "an ability to produce better goods than the competition" describes a competitive advantage, which is a specific type of benefit, but it does not encompass the broader definition of a benefit.
Therefore, selecting option 3, "an advantage of making a specific choice," provides the correct definition of a benefit.