Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt.See,there is always a cost to doing something.But if you don't do anything,then there is no cost." Your grandma does not understand the economic concept of:
A)scarcity.
B)efficiency.
C)opportunity cost.
D)marginal analysis.

Question

Quizplus · Accepted Answer

The concept being referred to is opportunity cost, which is the cost of the next best alternative forgone. In this case, the opportunity cost of not taking walks is potentially missing out on the health benefits and enjoyment that comes with them. Scarcity, efficiency, and marginal analysis are not directly related to the concept being discussed.

Your Elderly Grandma Tells You: "I Haven't Been Taking My