Oppotunity Cost
Discipline: Economics
Opportunity cost is the sacrifice made when selecting one product or service over another.
The popular political slogan 'Guns or butter?' suggests that national defence is the price to be paid for not fulfilling high consumer expectations, and vice versa.
Also see: cost benefit analysis
Source:
J M Buchanan, Cost and Choice (Chicago, 1969)
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- abandonment
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- Abelard, Peter
- ability-to-pay principle
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- Cole, George Douglas Howard
- collective bargaining theory
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- decision making theory
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- dumping
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- durable goods
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- effective demand
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- elasticity of demand
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- endnote
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- guild socialism
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- Harrod, Roy
- Hartley, David
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- heartland theory
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- hedging
- hedonism
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- Hegel, Friedrich
- hegemonic stability theory
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- Hempel's paradox
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- holism
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- hylomorphism
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- inevitability of gradualness
- infinite divisibility
- inflation
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- innate ideas
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- intangible asset
- inter alia
- interactionism
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- internal and external balance
- internal colonialism
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- interwar period
- intuitionism
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- IS-LM model
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- Laffer curve
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- law of contradiction
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- learning-by-doing
- least cost location theory
- lebensraum
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- legal positivism
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- Leibniz, Gottfried Wilhelm
- Leibniz's law
- Lemkin, Raphael
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- Leninism
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- liabilities
- liability
- liberal democracy
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- life-cycle hypothesis
- Lindahl equilibrium
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- linear programming
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- local sign theory
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- logic of collective action
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- Lucretius
- lump-of-labor theory of wages
- Luther, Martin
- Lyapunov's theorem
- Maastricht criteria
- Maastricht Treaty (1992)
- Mach, Ernst
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- Machiavellianism
- machinery question
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- Malthusian population theory
- managerial revolution
- managerial theories of the firm
- managerialism
- Manicheism
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- Marcus Aurelius
- mare nostrum
- marginal cost pricing
- marginal efficiency of capital
- marginal productivity theory of capital
- marginal productivity theory of distribution
- marginal utility theory
- mark-up pricing
- market socialism
- Marshall, Alfred
- Marshall-Lerner principle
- Marx, Karl
- Marxism
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- mass society
- master race
- material balances principle
- materialism
- materialist theory of history
- Maxwell, James Clerk
- mea culpa
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- meliorism
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- mercantilism
- mereology
- merger
- Merger Treaty (1965)
- meritocracy
- metalanguage
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- Michels, Robert
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- millenarianism
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- modal realism
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- modus operandi
- modus vivendi
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- monism
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- Montaigne, Michel de
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- mood theory
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- moral hazard
- moral sense theories
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- mortgage
- motion
- multilateralism
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- multiplier-accelerator
- Mundell, Robert
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- mutual aid
- mutually assured destruction
- mysticism
- myth
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- naive realism
- naming theories of meaning
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- natural monopoly of economics
- natural rate of unemployment (naru)
- natural rights
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- naturalized epistemology
- necessitarianism
- negative income tax
- negative utilitarianism
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- neologism
- Netherlands Antilles Association Convention
- Neumann, John von
- neutral monism
- new age
- new class
- new classical macroeconomics
- new left
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- new riddle of induction
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- Newman, John Henry
- Newton, Isaac
- Nicod, Jean
- Nicod's criterion
- Niebuhr, Reinhold
- Nietzsche, Friedrich
- nihilism
- no-ownership theory of the mind
- noblesse oblige
- nominalism
- non-accelerating inflation rate of unemployment (nairu)
- non-cognitivism
- non-competing groups
- non-nested hypothesis
- non-profit organization
- non sequitur
- noncurrent assets
- nondurable goods
- normal depreciation
- normative economics
- North America
- North, Douglass C.
- not in my back yard (nimby)
- novus ordo seclorum
- objective idealism
- objectivism
- occasionalism
- occupation segregation
- Oceania
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- OCT status
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- Okun's law
- oligarchy
- oligopoly
- oligopoly theory
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- one over many principle
- ontology
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- opportunity cost
- optimal tariff theory
- option pricing theory
- options
- organic theory of the state
- organicism
- Organisation of African Unity
- organization theory
- Origen
- origins of life
- Orphism
- orthodox-economics
- overheated economy
- overkill
- overload theory
- Owenism
- own rate of interest
- pacifism
- Paine, Thomas
- Palace of Westminster
- panpsychism
- pantheism
- para bellum
- paraconsistency
- paradigmatism
- paradox of thrift
- paradox of value
- paradox of voting
- Pareto efficiency
- Pareto optimality
- Pareto, Vilfredo
- parliamentary system
- Parmenides of Elea
- Parsons, Talcott
- partial equilibrium theory
- particularism
- Pascal, Blaise
- Pascal's wager
- paternalism
- patriarchy
- Pax Americana
- Pax Britannica
- Pax Europaea
- Pax Hispanica
- Pax Mongolica
- Pax Ottomana
- Pax Romana
- PCism
- peaceful co-existence
- peak-load pricing
- Peirce, Charles Sanders
- per capita
- perfect competition
- performative theory of negation
- performative theory of truth
- permanent income hypothesis
- permanent revolution
- Perroux, François
- Perry, Ralph Barton
- per annum
- per diem
- per se
- persona non grata
- personal is political
- personalism
- perspective realism
- perspectivism
- Petty, William
- phenomenalism
- phenomenology
- Phillips curve
- physicalism
- Physiocracy
- picture theory of meaning
- piecemeal social engineering
- Pigou, Arthur Cecil
- Pigou effect
- Planck, Max
- Plato
- Platonism
- Plato's theory of forms
- Plotinus
- pluralism
- plurality
- plurality of causes
- plutocracy
- Poincare, Jules Henri
- police state
- policy
- polis
- political business cycle
- political correctness
- political culture
- political obligation
- polyarchy
- Popper, Karl
- populism
- portfolio selection theory
- positive law
- positivism
- possibilism
- post-materialism
- post-modernism
- post mortem
- post scriptum
- posthumous
- Poulantzas, Nicos
- power
- power corrupts
- pragmatic theory of truth
- pragmatism
- Prebisch, Raul
- Prebisch-Singer thesis
- precedent
- preference utilitarianism
- preferred stock
- prescriptivism
- present value
- presidential system
- presiding court official
- price discrimination
- price fixing
- prima facie
- primary liability
- primus inter pares
- principle of atomic uniformity
- principle of charity
- principle of epistemic closure
- principle of humanity
- principle of indifference
- principle of limited independent variety
- principle of organic unities
- principle of parsimony
- principle of perfection
- principle of plenitude
- principle of sufficient reason
- principle of the impossibility of a gambling system
- principle of the uniformity of nature
- print capitalism
- prisoner's dilemma
- private language argument
- privatization
- pro bono
- pro rata
- probabilism
- process philosophy
- producer price index (ppi)
- product life-cycle theory
- profit
- progress
- proletarianism
- proletariat
- propaganda by the deed
- propensity theory of probability
- property
- property is theft
- Protagoras
- Proudhon, Pierre-Joseph
- psychologism
- psychophysical parallelism
- Ptolemy
- public choice
- public interest
- public private divide
- public utility pricing
- purchasing power
- purchasing power parity
- put option
- Putnam, Hilary
- Pyrrhonism
- Pythagoras of Samos
- Pythagoreanism
- qualified majority
- qualitative research
- quantitative research
- quantity theory of money
- Quesnay, François
- queuing theory
- quid pro quo
- Quincey, Thomas De
- Quine, Willard Van Orman
- quorum
- quota
- Quran
- racism
- radical empiricism
- radical feminism
- radical interpretation
- radicalism
- Rahner, Karl
- raison d'etat
- ramified theory of types
- Ramsey, Frank
- Ramsey pricing
- Rand, Ayn
- random walk hypothesis
- range theories of probability
- rate of return pricing
- rational choice
- rational expectations theory
- rationalism
- rationing
- Rawls, John
- Rawls theory of justice
- Reagan, Ronald
- Reaganomics
- real asset
- real bills doctrine
- real gross domestic product
- real self
- realism
- recession
- recusal
- reductionism
- reductio ad absurdum
- redundancy theory of truth
- refugee
- regression
- regularity theory of causation
- regulation
- regulatory capture
- Reid, Thomas
- relative autonomy
- relative deprivation
- relative income hypothesis
- relativism
- relevance logics
- reliabilism
- rent seeking
- representation
- representationalism
- republicanism
- resemblance theories of universals
- reserve powers
- retributivism
- returns to scale
- revealed preference theory
- revisionism
- revolution
- Ricardian equivalence theorem
- Ricardo, David
- right of legislative initiative
- rights
- Robinson, Joan
- roundabout method of production
- Rousseau, Jean-Jacques
- rule of law
- rule utilitarianism
- Russell, Bertrand
- Rwandan Genocide
- Rybczynski theorem
- Ryle, Gilbert
- Saint Anselm of Canterbury
- Saint Augustine
- Saint Bernard of Clairvaux
- Saint Bonaventure
- Saint John of the Cross
- Saint Teresa of Avila
- salary
- Samuelson, Paul
- Santayana, George
- sapere aude
- Sapir, Edward
- Sartre, Jean-Paul
- satisficing
- satyagraha
- saving
- Say, Jean-Baptiste
- Say's law
- Schengen Agreement
- Schengen Area
- Schleiermacher, Friedrich
- Schlick, Moritz
- Schopenhauer, Arthur
- Schrodinger, Erwin
- Schumpeter, Joseph
- Scitovsky paradox
- screening hypothesis
- search theory
- secondary liability
- secular stagnation theory
- security
- segmented labor market theory
- seignorage
- Sellars, Roy Wood
- semantic atomism
- semantics
- semper fidelis
- sensationalism
- sense and reference
- separation of powers
- separatism
- services
- settler colonialism
- sexism
- Sextus Empiricus
- shadow pricing
- shutdown costs
- signalling
- signatory
- signee
- Simele Massacre
- Simon, Herbert
- simple theory of types
- sine qua non
- Singer, Hans
- Single European Act (1986)
- single market
- situationism
- skepticism
- Slutsky, Eugen
- Slutsky's theorem
- small is beautiful principle
- Smith, Adam
- social choice
- social contract
- social credit
- social Darwinism
- social democracy
- social welfare function
- socialism
- socialism in one country
- sociobiology
- Socrates
- solipsism
- Solow economic growth
- Solow, Robert
- Sorel, Georges
- South America
- sovereignty
- sovereignty-association
- specie-flow mechanism
- species essentialism
- speciesism
- specious present
- speech act theory
- Spencer, Herbert
- Spinoza, Baruch
- spontaneous order
- spot market
- spot price
- Sraffa, Piero
- St. Petersburg paradox
- stages of genocide
- Stalin, Joseph
- Stalinism
- stare decisis
- state
- state capitalism
- state of nature
- statement of cash flows
- static equilibrium
- stationary state
- status quo
- status quo ante
- status quo ante bellum
- Steiner, Rudolf
- stimulus-response model
- stock
- stock-flow analysis
- stock market
- stock option
- Stoicism
- Strawson, Peter Frederick
- strike
- structural functionalism
- structure-conduct-performance theory
- sub poena
- subjective idealism
- subjectivism
- subjectivist theories of probability
- subsidiarity
- substitution theory
- subvention
- sui generis
- sunspot theory
- supermajority
- supply
- supply-side economics
- surplus value
- survival of the fittest
- swaps
- syndicalism
- systems theory
- tabula rasa
- tacit knowledge
- tangible asset
- target return pricing
- tariff
- tax incidence
- taxation
- technological gap theory
- teleology
- term structure of interest rates
- terra incognita
- terra nullius
- Thatcherism
- theism
- theories of meaning
- theories of profits
- theory
- theory of clubs
- theory of consumer demand
- theory of descriptions
- theory of effluxes
- theory of income determination
- theory of income distribution
- theory of production
- theory of relevant alternatives
- theory of second best
- theory of speciation
- theory of species
- theory of the core
- theory of the firm
- theory of the growth of the firm
- theory of tropisms
- theory of truth
- third man argument
- Thoreau, Henry David
- three laws of thought
- three worlds theory
- Thunen, Johann von
- Tiebout, Charles
- Tiebout hypothesis
- tight money policy
- Tillich, Paul
- time deposit
- time preference theory of interest
- tit for tat
- Tobin, James
- Torrens, Robert
- toryism
- total war
- totalitarianism
- Toynbee, Arnold
- trace theory of memory
- trade balance
- trade barriers
- trade cycle
- trade deficit
- trade surplus
- tradition
- tragedy of the commons
- trahison des clercs
- transcendental idealism
- Treaty of Lisbon (2007)
- Treaty of London (1949)
- Treaty of Nice (2001)
- Treaty of Paris (1951)
- Treaty of Rome (1957)
- trialism
- trickle-down theory
- triple-e senate
- Tristram Shandy paradox
- Trotsky, Leon
- Trotskyism
- trust
- truth-conditional semantics
- turnpike theory
- tyranny of the majority
- unanimity
- uncertainty
- underconsumption theory
- unemployment
- unfair competition
- unilateralism
- universalism
- universalizability
- use theories of meaning
- uti possidetis
- utilitarianism
- utility
- utility function
- utility maximization
- utopianism
- value-added
- value-added tax
- vanguard party
- variable
- variable costs
- vault cash
- Veblen effect
- Veblen, Thorstein
- veil of ignorance
- veni, vidi, vici
- vent for surplus
- verbatim
- Verdoorn's law
- verifiability principle
- versus
- vertical acquisition
- vertical equity
- vertical merger
- vertical price fixing
- veto
- vicious circle principle
- Vico, Giambattista
- Vienna Circle
- Viner, Jacob
- virtual representation
- vitalism
- volonte generale
- Voltaire
- voluntarism
- vote of confidence
- vox populi
- wage
- wage differentials
- wage-price spiral
- wages fund doctrine
- Wagner's law
- Wall Street
- Wallerstein, Immanuel
- Walras, Leon
- Walras's stability
- wasting asset
- wear and tear
- Weber, Max
- Weber's theory of the location of the firm
- Weil, Simone
- welfare state
- welfarism
- Westminster system
- white-collar workers
- white man's burden
- Whitehead, Alfred North
- Wicksell, Knut
- Wicksell's theory of capital
- Wicksteed, Philip
- wildcat strike
- William, Nassau
- William of Ockham
- withering away of the state
- windfall profit
- Wittgenstein, Ludwig
- Wollstonecraft, Mary
- workers' control
- working capital
- world society
- writ
- x-efficiency
- x-inefficiency
- Xanthippe
- Xenocrates of Chalcedon
- Xenophanes of Colophon
- xenophobia
- Xenophon of Athens
- xyy syndrome
- yellow book
- yellow-dog contract
- yield
- yield gap
- yield spread
- yield to maturity
- yen
- yin and yang
- yoga
- youth court
- yuan
- z-score
- zapatismo
- Zedong, Mao
- Zeno of Citium
- Zeno of Elea
- zero-sum
- zero tolerance policy
- zionism
- zone pricing
- zoning
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