Pressure Treated Pine

By far the most economical. It looks good but needs to be water sealed every year and has an expected life span of 30 + years. It looks good left in its natural state or it can be stained to just about any color. Treated wood is believed to cause cancer. You should not let your pets have free access under your deck, nor should you let the kids play under it. The main danger is when you cut it, but rain will also carry the chemicals to the ground below it to a certain degree.

Another option to traditional treated wood is ACQ Treated Lumber. It is still pressure treated pine but without the dangerous chemicals. I highly recommend this product over traditional treated pine. It costs a little more but its well worth it.
For more information about treated wood I suggest:
preservedwood.com