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All about opportunity cost

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What is an opportunity cost? Why do economists consider opportunity costs? Provide an example of at least three possible opportunity costs of setting aside a mountain wilderness as a wilderness area and sanctuary for an endangered flowering plant.

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In it's simplest form, an opportunity cost is what we give up when we forgo an alternative. The opportunity cost of something is what we can't accomplish because we have chosen the other alternative. If we decide to go out to dinner with our spouse, friends, family instead of going to work at a part time job (maybe we called in sick or took the day off), our opportunity cost would be the wages that we didn't make because we went out to dinner instead. If we go out to dinner instead of ...

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What is an opportunity cost? Why do economists consider opportunity costs? Provide an example of at least three possible opportunity costs of setting aside a mountain wilderness as a wilderness area and sanctuary for an endangered flowering plant.

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