If a family decides to spend their limited vacation budget on a theme park rather than a beach resort, what concept best explains their decision?

The decision of a family to spend their limited vacation budget on a theme park instead of a beach resort can be explained by the concept of opportunity cost. Opportunity cost refers to what is given up when choosing one option over another. In this case, by choosing the theme park, the family believes that the fun and experiences they will have there are worth more to them than the relaxation and activities they would enjoy at the beach resort. For example, if the theme park has exciting rides and shows that the kids are eager to experience, the family might feel that this choice will create more enjoyable memories than a quiet beach getaway. Ultimately, they are prioritizing what they think will give them the most value for their money.