The Oxford Biblical Studies Online and Oxford Islamic Studies Online have retired. Content you previously purchased on Oxford Biblical Studies Online or Oxford Islamic Studies Online has now moved to Oxford Reference, Oxford Handbooks Online, Oxford Scholarship Online, or What Everyone Needs to Know®. For information on how to continue to view articles visit the subscriber services page.

Related Content

Related Overviews


More Like This

Show all results sharing these subjects:

  • Social sciences
  • Economics


Show Summary Details


opportunity cost

Quick Reference

The cost of something in terms of an opportunity forgone. Opportunity cost is given by the benefits that could have been obtained by choosing the best alternative opportunity. For example, for a farmer the opportunity cost of growing wheat is given by what they would have earned if they had grown barley, assuming barley is the best alternative.

Subjects: Social sciencesEconomics

Reference entries

View all reference entries »