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Glossary of the 1993 SNA - Definition of Term

TermOpportunity cost
DefinitionThe concept of opportunity cost is commonly used in economics; it is measured by reference to the opportunities foregone at the time an asset or resource is used, as distinct from the costs incurred at some time in the past to acquire the asset, or the payments which could be realised by an alternative use of a resource (e.g. the use of labour in a voluntary capacity being valued at the wages which could have been earned in a paid job).
Paragraphs1.60.
 
It is acknowledged that this glossary uses descriptions of the OECD glossary of statistical terms, the Glossary of the System of National Accounts 1993 and the UN classifications registry.
 
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