Final answer:
The opportunity cost of planting a garden for Clara is the value of the next best alternative use of her time, which may be washing her car or any other activity that she values more than gardening. Opportunity cost is a fundamental principle of economics that factors into every decision made by considering the forgone benefit of the best alternative.
Step-by-step explanation:
The opportunity cost of planting a garden for Clara is the value of the best alternative she gives up by choosing to engage in this activity. In the given scenario, Clara wants to plant a garden first then wash her car, and then study economics. Assuming that the next best alternative use of her time is to wash her car, the opportunity cost of planting the garden would be the benefit she would have obtained from having a clean car if she had chosen to do that instead. Clara must consider the value of her other options, such as the money she could have earned from working, the relaxation from reading a book, or the satisfaction from another preferred activity, in determining the true opportunity cost of her decision.
A fundamental principle of economics is that every choice involves an opportunity cost. For instance, if Clara were highly productive in a consulting job, time spent gardening as opposed to consulting could have significant opportunity costs in terms of income. Similarly, if she valued studying economics highly, the opportunity cost of gardening would involve the knowledge and preparation she foregoes for her economic studies. Choices are informed by personal preferences and productivity, and the concept of opportunity cost helps in evaluating the best use of time, money, or resources.