The most important economic concept to consider when deciding whether to build your own deck or hire it done is
A)law of supply
B)specialization
C)opportunity cost
D)law of increasing cost

Question

Quizplus · Accepted Answer

The most important economic concept to consider is opportunity cost, which means the value of the next best alternative forgone. By choosing to build your own deck, you may save money on labor costs, but you are sacrificing your time, which could be spent on other activities such as work or leisure. On the other hand, hiring someone to build the deck means you are paying for their labor, but you are saving your own time. Thus, it is important to weigh the opportunity cost of each option and decide which is more valuable to you.

The Most Important Economic Concept to Consider When Deciding Whether