Opportunity cost
Wieser defined “alternative cost” as the cost of one choice in terms of the opportunity foregone in the next best choice.
Who invented opportunity cost?
It is “the loss of potential gain from other alternatives when one alternative is chosen”. The idea of an opportunity cost was first begun by John Stuart Mill. The utility has to be more than the opportunity cost for it to be a good choice in economics.
What do Austrian economists believe?
The Austrian school believes any increase in the money supply not supported by an increase in the production of goods and services leads to an increase in prices, but the prices of all goods do not increase simultaneously.