3 definitions by rodan118
The value of resources and time given up relative to the best alternative. Includes the estimation of time in process. If a economy is competitive, the opportunity cost is a good indicator of the price because any change in prices is a change in the opportunity cost, which means a change in the allocation of resources.
The opportunity cost of 9/11 was huge! Lives were lost, capital was destroyed, people got sick......so when 9/11 happened there was a change in the market prices which changed the allocation of resources.
by rodan118 February 10, 2010
A well known graffiti artist based out in the Los Angeles area who is known for his graffiti piece that was one of the largest ever to hit L.A. This masterpiece located in the L.A. river, just aside from the 101 freeway, made history with its size and colors that could be seen by sattelite. Sadly, just recently in late 2009, Saber's famous letters were removed. Not so long after the removal of his art, Saber's L.A. river piece was featured in the Natural History Museum of Los Angeles.
There was once a time when you couldn't avoid seeing Saber's piece flying in to the LAX airport, unless the smog was bad that day.
by rodan118 February 10, 2010
in economics: not a resource, but part of the production process. Anything that increases the performance of an resource without the change in resources.
In war, a country with the comparitive advantage in national defense, has a greater availability of technology that increases their performance without the need of a large quantity of troops.
by rodan118 February 10, 2010