Question

Define the opportunity cost of getting your degree by analyzing what steps and economic factors a potential student must make when choosing to pursue an education. Given your answer, is getting a formal college education worth your opportunity costs? Why?

Answer 1

An opportunity cost is the cost that measures the opportunity that is lost or sacrificed when the choice of one course of action requires that the other course of action be given up.

Step-by-step explanation:

For example if we take the example of not going to college and working instead the opportunity cost would be earning maybe 500 $ for the next five years without any raised funds or bonuses etc. But if we decide to go to college and study further the opportunity cost would not only be the fees paid but also the amount which could have been earned in those years.

Yes getting formal college education is worth an opportunity cost because after getting educated we may earn at a rate much higher and even get better chances of professional growth rather than a typical job of a certain level, meaning we could get jobs of higher positions where the earning maybe twice or sometime thrice the job wee would be doing without that education