what is your opportunity cost of taking this course?

Your opportunity cost of taking this course is: the tuition you paid for the course. the benefit of the activity you would have chosen if you had not taken the course.

Full Answer

What is the opportunity cost of college?

Just like any life decision, college carries an opportunity cost. When you go to college, you give up other things – in fact, in some cases, you might have to give up quite a lot. The opportunity cost of college is huge, and it will probably have a much bigger effect on you than you realize. College costs a lot no matter how you look at it.

What is the essence of opportunity cost?

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.

How to prepare for a class on cost of going to school?

The instructor starts with a general discussion on the costs of going to school. Students are asked to predict how much it costs them to attend one class. Students can discuss prediction with other students in the class. The instructor asks for the predictions but does not comment on them. 2. Experience

What is the implicit cost of attending school for one semester?

Explicit costs of attending school for one semester are identified and then reduced to a per class amount. Identification of the implicit cost entails listing several alternatives and estimating a per class amount for the alternative with the highest value. The opportunity cost of attending one class is the sum of the explicit and implicit costs.

What is the opportunity cost of taking a course?

The opportunity cost of attending one class is the sum of the explicit and implicit costs. Not only do students benefit from a practical application of an important economic concept, they also become more aware of the importance of attending class!

What is opportunity cost give example?

A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment).

What is your opportunity cost?

Opportunity cost is the forgone benefit that would have been derived from an option not chosen. To properly evaluate opportunity costs, the costs and benefits of every option available must be considered and weighed against the others.

What is to the opportunity cost of going for college education?

The second component is opportunity cost, which represents the value of what someone must give up in order to attend college. For most people, the opportunity cost of a college education is equivalent to the wages that could have been earned by working instead of going to school.

What is opportunity cost easy words?

Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else.

Which answer best defines opportunity cost?

Opportunity cost is defined as the value of the next best alternative.

What are the examples of opportunities?

130 Examples of OpportunityAccess to an AudienceAcquisitionsPerformance ImprovementPolitical ChangePolitical PowerPrice ChangesProduct DevelopmentProductivity IncreasesPromotionsPublic Speaking60 more rows•Jan 20, 2022

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 is one example of an opportunity cost of free higher education?

Under free higher education, students do bear some risk. If they choose to forego two or four years of being in the workforce, they have to bear the opportunity cost of missing out on this income. They also have to pay for living expenses and books.

Why does attending college involve an opportunity cost?

Finances are another reason why college carries an opportunity cost with its attendance. Because the college narrative is so dominant today, individuals tend to overlook all the potential alternatives. Of course, these costs aren't solely tied to the type of job you choose to work.

What is opportunity cost?

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.

Why is opportunity cost important?

Because it’s the key to understanding your individual life choices – as well as choices made by the government concerning your tax dollars. Opportunity cost allows you to understand the effects different choices have on your life.

Is college an automatic decision?

College is not an automatic, necessary step in everyone’s life. Think about the opportunity cost involved before making a decision. Use College Comparison Tool to Compare Your College Choices Now!

Is college tuition cheap?

Whichever college you choose, no one would argue that college tuition was “cheap.”. In fact, it costs more than you probably think. Tuition is only one part of the cost; the true cost of college also includes any outside expenses plus the income you’re forgoing by going to school instead of work.

Does college have an opportunity cost?

Just like any life decision, college carries an opportunity cost. When you go to college, you give up other things – in fact, in some cases, you might have to give up quite a lot. The opportunity cost of college is huge, and it will probably have a much bigger effect on you than you realize. College costs a lot no matter how you look at it.

Can you be in one place at a time?

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.

Is economics simple?

In fact, economics is fairly simple. Economists tend to overcomplicate it with buzzwords and other jargon. So, in plain words, here is an explanation of the opportunity cost of attending college.

How long does it take to learn opportunity cost?

Any course that introduces the concept of opportunity cost. This short demonstration takes up to 30 minutes to complete. Students need not have any previous knowledge of economics or opportunity cost.

What is the instructor's prediction?

Prediction. The instructor starts with a general discussion on the costs of going to school. Students are asked to predict how much it costs them to attend one class. Students can discuss prediction with other students in the class. The instructor asks for the predictions but does not comment on them. 2. Experience.

Can students submit cost calculations for instructor review?

Assessment. Students may submit their completed cost calculations for instructor review. The activity could also be graded. The instructor can also ascertain student understanding through their contributions to the reflective class discussion.