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What is an opportunity cost? How does the idea relate to the definition of economics? Which...

What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain.

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The loss of some alternatives when one of the alternatives is chosen. Economics is all about the the study of production, distribution, and consumption of goods and services and even the opportunity cost also deals with the loss of goods and services and in that way, it is quite close to that of the definition of economics.Allocating a square block at the edge of a typical suburb would be better than allocating a square block in the heart of the New York city and this is because of the fact that the NYC square block can be used for many other purposes which can be helpful in producing more profits than the other one.

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