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The main opportunity costs for going to college are time and money. However, there are also cases where someone may lose the opportunity to start a business or launch a product. If they wait, it may be too late and the opportunity completely lost.
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What is the Opportunity cost of a particular good?
The opportunity cost of a certain good is the cost of the next best good that you are forgoing. It is NOT a sum of all the other possibilities. It is just the cost of the next best alternative. For example: The opportunity cost of going to college is the money that you could have earned in a job. Say you spend $80,000 to go to college for four years, but if you had gotten a job right out of high school, you could have made $15,000 a year. The opportunity cost of attending college is the $60,000 you would have earned if you had gotten the job right out of high school.
Does an opportunity cost have value?
opportunity cost can have a value, especially if you are looking at such things as the college/job thing. If you go to college rather than take a job, your opportunity cost is the amount of money you lose from not working at the job. Opportunity cost does not always have to have a value. Again with the college/job example, if you take a job rather than go to college, your opportunity cost can be things like more education and college memories, etc. Opportunity cost is simply "what you give up". Therefore, if you are giving up money, your opportunity cost has a monetary value. If you are giving up education or experience or the like, your opportunity cost technically has no monetary value, but you are still giving something up. Hope that answers the question.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
Define and explain the concept of opportunity cost by giving suitable examples?
Opportunity Cost is the value of the time lost due to a decision one makes. For example, when Lebron James was in High School, he was faced with this decision: Do I skip college and go straight to the NBA? Or do I just go to college and get drafted to the NBA later? Here, Lebron made a good decision (in terms of money at least), to skip college and go straight to the NBA. If he had not, and decided to go to college, his opportunity cost for that decision would have been the $90 million so odd endorsement contract from Nike, as well as the value (for the duration that he would spend in college) of his Cleveland Cavaliers contract. In other words, Lebron's opportunity cost if he had stayed in college would be the money he would have missed out on by staying in college.
What is the Opportunity cost of a particular good?
The opportunity cost of a certain good is the cost of the next best good that you are forgoing. It is NOT a sum of all the other possibilities. It is just the cost of the next best alternative. For example: The opportunity cost of going to college is the money that you could have earned in a job. Say you spend $80,000 to go to college for four years, but if you had gotten a job right out of high school, you could have made $15,000 a year. The opportunity cost of attending college is the $60,000 you would have earned if you had gotten the job right out of high school.
Does an opportunity cost have value?
opportunity cost can have a value, especially if you are looking at such things as the college/job thing. If you go to college rather than take a job, your opportunity cost is the amount of money you lose from not working at the job. Opportunity cost does not always have to have a value. Again with the college/job example, if you take a job rather than go to college, your opportunity cost can be things like more education and college memories, etc. Opportunity cost is simply "what you give up". Therefore, if you are giving up money, your opportunity cost has a monetary value. If you are giving up education or experience or the like, your opportunity cost technically has no monetary value, but you are still giving something up. Hope that answers the question.
How do you spell oppurunity?
The word is spelled opportunity. Going back to college was a great opportunity for job advancement.
How would you calculate the opportunity cost of your college education if you lived at home and went to college full time for four years?
employment opportunity time consuming
What is one of the opportunity cost of college?
The opportunity cost of going to college refers to the amount of money the person would have potentially earned during that time period. If the person would have worked and earned $40,000 per year for four years while attending college, their opportunity cost is $160,000. Some economists also add the cost of paying tuition into their total figure. The money spent on tuition could've been invested in stocks or bonds. Time spent on schoolwork takes away from the chance to earn money at a job. Opportunity cost is a choice between two possible options where the benefits of one choice over another can be judged. This, for college, is basically saying is this education worth the large amount of money needed to get it?
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
Define and explain the concept of opportunity cost by giving suitable examples?
Opportunity Cost is the value of the time lost due to a decision one makes. For example, when Lebron James was in High School, he was faced with this decision: Do I skip college and go straight to the NBA? Or do I just go to college and get drafted to the NBA later? Here, Lebron made a good decision (in terms of money at least), to skip college and go straight to the NBA. If he had not, and decided to go to college, his opportunity cost for that decision would have been the $90 million so odd endorsement contract from Nike, as well as the value (for the duration that he would spend in college) of his Cleveland Cavaliers contract. In other words, Lebron's opportunity cost if he had stayed in college would be the money he would have missed out on by staying in college.
What is the cost per semester for a two year college?
Depends on the college you're going to
How much does a college education cost?
There are many things which can affect the cost of going to college. If you want to go to college without a scholorship or grants it could be a $100,000 expense.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
