In the late 19th century the Austrian economist Friedrich von Wieser is credited with conceiving and formalizing the concept of “opportunity cost”. Source Example: A good example of opportunity costs is in the synaptic pruning of our brain. From birth to age three the brain rapidly grows, increasing our synapses from approximately 2,500 to 15,000. However, by the time we reach adulthood, that number is cut in half. The reason for this reduction? As we gain new experiences, some brain connections are strengthened, while those we neglect are reduced or eliminated. The reality is, for everyone, that you cannot have it all; at least not everything all at once. Each…