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# Agricultural Market Access Opportunity Cost

## Definition

The value of potential sales and profits that farmers forego when unable to access more profitable markets due to institutional restrictions, transportation barriers, or geographical disadvantages, which Smith argues represented a massive economic waste in medieval Europe.

## Source Chapter

Book III, Chapter 2

## Context

Smith applies opportunity cost reasoning to show how medieval market restrictions prevented farmers from making economically rational decisions, arguing that when institutional barriers prevent access to the best markets, farmers cannot maximize their returns or allocate resources efficiently.

## Economic Domain

Exchange

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