What is Cost?-Mises Institute (Video)

“When we think about “cost,” we often think about prices, such as comparing the prices of cars. But the proper way to think about costs is not simply to consider the money we’re spending on a certain item, but all of the other possibilities we’re giving up in order to obtain that item. Henry Hazlitt was an American journalist who wrote the book Economics in One Lesson. In it, he starts with a story about a baker who owns a shop…”

4 minutes: