Opportunity cost
Instructions
Part III: After Completing Chapter 1-2, 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.(This part has to be sufficiently detailed- at least 250 words long- and include a relevant reference line. See the announcement page for grading rubric)
Answer
In the grand scheme of things, I had the opportunity to choose either to go to college or not. By choosing to attend college one has to forego other opportunities such as getting employment, doing business or pursuing a talent. By not choosing to go to college, the likely scenario is that one would be picking up a job and earn a salary. By going to school, one would have to pay tuition expenses every year until the completion of college. On the same note, one will be missing the chance of getting employed and starting to earn a salary until upon completion of college studies.Therefore, to explain what opportunity cost is for me, I must know the cost of education and what I would have earned if I never went to college. Attending college requires that I pay approximately $30k as tuition fees...
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