Provide your own definition of “opportunity cost”.Discuss what the opportunity cost of attending college is for you

Provide your own definition of “opportunity cost”.Discuss what the opportunity cost of attending college is for you

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September 8, 2021
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Provide your own definition of “opportunity cost”.Discuss what the opportunity cost of attending college is for you, noting that the concepts of opportunity costs and explicit monetary costs are not the same

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What could you do with that college tuition money instead?

If you didn’t go to college, could you work full time instead and save money to buy a car? If you’re going to college to study, say, photography, could you instead be learning in a hands-on environment under a professional photographer? The possibilities are endless. You could be on your way to becoming financially independent, rather than spending your time on school projects.

The essence of opportunity cost is what you choose to do versus what you choose not to do. You could spend a lot of money and time in college, sure. Or you could get an early start in your desired career, buy a car, and get started on the path to becoming stable and independent.

You can only be in one place at one time. When you choose to engage in one activity, you give up others. Now, you have your own ideas about what your best option is versus your next best option; so does everyone else. For one person, college might be option A while getting a job might be the next best option, option B. But for another person, working right out of high school might be option A while college is option B. Opportunity cost is subjective. You only have so much time and money to do things with, and you have your own opinions about what is desirable and what’s not.

What is The Opportunity Cost Of Going To College?

In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college. This cost naturally varies from person to person, depending on what they would choose to do instead of attending college and how much value (monetary or otherwise) that endeavor holds for them. It is based on the principle that you have a limited amount of time and money to do what you want, so you have to make choices. It’s up to you to choose between two different options and the financial gains and other benefits they bring.

Opportunity cost applies to all of the choices you make, not just whether or not you go to college. It’s a great way to help you understand the effect one choice has over another in your life. It can also help you analyze the value of each choice.

For a fun way to demonstrate this concept, try this: pick something you currently do or spend money on, and find its opportunity cost. It might be attending college, or it might be anything from staying up too late or buying a new video game to buying a new car or getting married. Just choose any activity or expense, and find its monetary cost – then make a list of things you could be doing instead with that money and time. What would your next best option be? How much enjoyment are you missing out on by making the choice you made? Compare the two options and determine whether you chose the right one.

College is not an automatic, necessary step in everyone’s life. Think about the opportunity cost involved before making a decision.

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