If a standard is set to balance the well-being of society with the associated costs, it is called a benefit-based standard.

Name: If a standard is set to balance the well-being of society with the associated costs, it is called a benefit-based standard.
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A standard set to balance the well-being of society with the associated costs is called a cost-benefit standard. Benefit-based standards focus primarily on the benefits without necessarily balancing them against the costs.

If a Standard Is Set to Balance the Well-Being of Society