A systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints.
Economic analysis takes into account the opportunity costs of resources employed and attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy.
Use economic analysis in a sentence
After the economic analysis was over, we would have a better idea of how to use the resources that were scarce.
While the viability of the new housing project seemed feasible, the backers felt a second and impartial economic analysis would help them decide if the project was likely to be a long-term, profitable asset and good fit for their community.
Our economic analysis concludes that there is not enough market demand for products traditionally aimed at boys to feature female characters.