Because you chose to go to college instead of working, your opportunity cost is actually the sum of your college expenses plus the money you could have earned had you chosen not to work . Your opportunity cost to attend college is $260k.
What is the opportunity cost of working rather than going to school?
The opportunity cost of working rather than going to school is: the higher wages that come with additional education .
What are the opportunity costs of going to college?
The opportunity costs of attending college include tuition, the cost of on-campus accommodation, and the lack of money that you could have earned if you were working full-time instead of pursuing a degree.
Is the opportunity cost of attending high school students?
Is the opportunity cost of attending high school the same for all students? ... No, the opportunity cost is not the same for every high school student because not everyone is giving up the same amount of opportunity cost.
What is the opportunity cost of attending technical school versus attending a 4 year college or university?
What is the opportunity cost of attending technical school versus attending a 4-year college or university? There is no difference between the two choices .
What is a possible opportunity cost of working?
Opportunity cost is the value of something when a particular course of action is chosen . ... The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level.
What is giving up one thing for another?
Term. Tradeoff . Definition. the act of giving up one thing of value to gain another thing of value.
What is the formula for opportunity cost?
Opportunity cost is the benefit you forego in choosing one course of action over another. You can determine the opportunity cost of choosing one investment option over another by using the following formula: Opportunity Cost = Return on Most Profitable Investment Choice – Return on Investment Chosen to Pursue .
Why is going to college an example of opportunity cost?
Because you chose to go to college instead of working, your opportunity cost is actually the sum of your college expenses plus the money you could have earned had you chosen not to work .
What factors go into the opportunity cost of a decision?
Question: 7 What factors into the opportunity cost for a decision? Select a Benefits from the best foregone alternative Actual financial cost of the decision Time spent due to the decision The sum of all benefits from all foregone alternatives The difference between the benefits of the first and second best choices .
Is the opportunity cost of attending high school the same for all high school student?
Is the opportunity cost of attending high school the same for all high school students? No, it is not the same for all students . This is because different students come from different backgrounds. As a result the alternative use of their time can be different.
How a person may incur an opportunity cost without paying anyone any money?
While money is a scarce resource, there are other scarce resources that don't involve money. For example, time is a scarce resource. When a person has a limited amount of time and needs to do many things , a person will incur an opportunity cost when he or she chooses to use time in a given away.
Which of the following is the best measure of the opportunity cost for a student of attending college for a year of college?
The opportunity cost of attending college for one year is best measured by the: benefit received by the student .
Is it better to go to college or technical school?
For many, the experience at a technical college is a better fit for them after comparing technical college vs. university education. Technical colleges tend to offer more hands-on learning and require fewer unnecessary classes than four-year colleges.
Are trade schools worth it?
Entering a trade offers personal fulfillment, high salary potential, and job stability. Trade schools generally cost less and take less time than four-year college degrees. Trades are in high demand, but continuing education is essential to stay competitive.
Is college worth going?
It is generally known and accepted that going to university opens the door to better careers , especially in terms of salary. Let's take the United States as an example. Over their careers, Americans with a college degree earn around 570,000 USD more than people who only have a high school diploma.
