What is the opportunity cost of coming to school?
Understand the Problem
The question is asking for an explanation of the concept of opportunity cost in the context of attending school, which involves evaluating the benefits and sacrifices associated with this decision.
Answer
Loss of income, time for personal projects, or leisure.
The opportunity cost of coming to school includes the value of alternatives foregone, such as potential wages from working, time spent on personal projects, or leisure activities.
Answer for screen readers
The opportunity cost of coming to school includes the value of alternatives foregone, such as potential wages from working, time spent on personal projects, or leisure activities.
More Information
Opportunity cost refers to the benefits of the next best option that one gives up when making a choice. Attending school involves costs like tuition fees, as well as the chance to earn money through a job.
Tips
A common mistake is confusing opportunity cost with direct costs like fees; it's about the value of the next best alternative given up.
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