The cost of something in terms of opportunity foregone. The opportunity cost to a country of producing a unit more of a good, such as for export or to replace an import, is the quantity of some other good that could have been produced instead.
Browse by Subjects
opportunity cost approach
See All Related Terms »
current population survey (CPS)
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):