When Benjamin Franklin wrote, "Remember that time is money!" he understood
A) the incentives created by property rights.
B) the law of comparative advantage.
C) the concept of opportunity cost.
D) that watches cost money.

Question

Quizplus · Accepted Answer

Benjamin Franklin's statement "Remember that time is money" reflects the concept of opportunity cost, which means that every resource has an alternative use and choosing one option means forgoing the benefits of others. In this context, time spent on non-productive activities has an opportunity cost in terms of the potential money that could be earned if that time was utilized in a productive task. Therefore, managing time efficiently and effectively is crucial for maximizing wealth and success, which aligns with the concept of opportunity cost.

When Benjamin Franklin Wrote, "Remember That Time Is Money!" He