Answer to Question #70467 in Microeconomics for rayan

Question

The United States has plans to spend billions of dollars on a mission to Mars. List some of the possible opportunity costs of the mission. What resources will be used to execute the mission, and what do we sacrifice by using these resources in a mission to Mars

Answer 1

If the United States has plans to spend billions of dollars on a mission to Mars, then the possible opportunity costs of the mission are investing money in another mission (like mission to Moon or building of a new space station), investing money in building of new hospitals, schools, developing of some innovative technologies. Financial, human resources, raw materials and other resources will be used to execute the mission, and we sacrifice investing these resources in another activities by using these resources in a mission to Mars.