Routledge Dictionary of Economics, Second Edition
The OPPORTUNITY COST to society of the resources it uses. This is equal to all the costs incurred by a society in producing a good or service. In most cases of production there is a divergence between private and social costs.
See also: private cost
References
Pearce, D.W. (ed.) (1978) The Valuation of Social Cost, London: Allen & Unwin.
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