KODA (7062) The New Oxford American Dictionary (NOAD) is a single-volume dictionary of American English compiled by American editors at the Oxford University Press. In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking th