OPPORTUNITY COST: The highest valued alternative foregone in the pursuit of an activity. This is a hallmark of anything dealing with economics--and life for that matter--because any action that you take prevents you from doing something else. The ultimate source of opportunity cost is the pervasive problem of scarcity (unlimited wants and needs, but limited resources). Whenever limited resources are used to satisfy one want or need, there are an unlimited number of other wants and needs that remain unsatisfied. Herein lies the essence of opportunity cost. Doing one thing prevents doing another.

     See also | economics | scarcity | unlimited wants and needs | limited resources | resources | scarce resource | free resources | production possibilities | production possibilities frontier | law of increasing opportunity cost | value | satisfaction | consumption | production | economic cost | accounting cost | total cost |

OPPORTUNITY COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: January 23, 2021].

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The long-run aggregate supply (LRAS) curve is a vertical line with an infinite slope, reflecting the independent relation between the price level and aggregate real production. A higher price level is associated with the same real production as a lower price level. This is the real production generated when resources are fully employed, that is, full-employment production.

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Today, you are likely to spend a great deal of time wandering around the shopping mall looking to buy either a video camera with stop action features or one of those memory foam pillows. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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