Question

due to limits on our time, money, and effort, we are best off when we allocate those things:
according to what society as a whole would want.
with the objective of maximizing profit.
by constantly assessing the opportunity costs of our choices.
to develop a balanced work environment.

Explanation:

• Option 1: Allocating based on society's wants is too broad and not practical for individual resource allocation.
• Option 2: Maximizing profit is relevant for businesses, not for general individual resource allocation of time, money, and effort.
• Option 3: Opportunity cost is a key economic concept. When we have limited resources (time, money, effort), assessing the opportunity cost (what we give up by choosing one option over another) helps in making optimal allocation decisions.
• Option 4: Developing a balanced work environment is too narrow and doesn't address the general allocation of time, money, and effort across all aspects of life.

Answer:

C. by constantly assessing the opportunity costs of our choices.