If a farmer decides to grow corn instead of soybeans, what is the opportunity cost of this decision?

When a farmer chooses to grow corn instead of soybeans, the opportunity cost is what the farmer gives up by not growing soybeans. This means the farmer misses out on the benefits they would have received from growing soybeans, like the money from selling them or the nutrients they provide to the soil. For example, if the farmer could have earned $1,000 from soybeans but decides to grow corn instead, that potential income is the opportunity cost of their decision. Understanding opportunity costs helps farmers make better choices by considering what they sacrifice when they pick one option over another. In this case, the farmer must weigh the potential profits and benefits of both crops to decide which is the better choice for their situation.