You will have to work hard, play hard, and lose sleep. Take advantage of the time you have in high school to prepare for college.
Understanding even basic economic principles can be tricky, and understanding opportunity cost is no different. 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 Attending college of attending college. What is opportunity cost? So, the opportunity cost is simply a way of analyzing your available choices.
Your time and money are limited resources. Choosing option A means missing the value that option B or C or D would provide.
Why is it so important? Why should some confusing economic principle matter to you? Opportunity cost allows you to understand the effects different choices have on your life.
What does opportunity cost have to do with college? Most people tend to think of college as a necessary step that can provide them with an education that more or less guarantees them a successful life Attending college a well-paying job.
Just like any life decisioncollege 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 could you do with that college tuition money instead?
Attending College. Attending college is a full-time job. You will have to work hard, play hard, and lose sleep. Take advantage of the time you have in high school to prepare for college. Do you research and go on college visits to narrow your list of schools. Attending a College Fair. Mar 6, If you're a young adult who's ready to graduate from high school, you may be thinking about going to college. If you're not sure where you'd like to apply, a college fair may help you set goals and make decisions. Attending College. Attending college is a full-time job. You will have to work hard, play hard, and lose sleep. Take advantage of the time you have in high school to prepare for college. Do you research and go on college visits to narrow your list of schools.
The possibilities are endless. You could be on your way to becoming financially independent, rather than spending your time on school projects. 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. 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. But for another person, working right out of high school might be option A while college is option B.
Opportunity cost is subjective.
In short, the opportunity cost of attending college is the cost of tuition, any associated costs, and any income, experienceand pleasure you miss out on because you choose to attend college.
This cost naturally varies from person to person, depending on what they would choose to do instead of attending college and how much value monetary or otherwise that endeavor holds for them.
It is based on the principle that you have a limited amount of time and money to do what you want, so you have to make choices. Opportunity cost applies to all of the choices you make, not just whether or not you go to college. It can also help you analyze the value of each choice.
For a fun way to demonstrate this concept, try this: It might be attending college, or it might be anything from staying up too late or buying a new video game to buying a new car or getting married.The importance of attending college Time after time you hear about going to college; whether at work, family, friends, and even when you are in high school you might have been repeatedly told of how it can benefit you in the long run in regards to your future.
The percentage of students enrolling in college in the fall immediately following high school completion was percent in Postsecondary Demographics Higher numbers and percentages of Black and Hispanic . Attending a College Fair. Mar 6, If you're a young adult who's ready to graduate from high school, you may be thinking about going to college.
If you're not sure where you'd like to apply, a college fair may help you set goals and make decisions. Military members can go to college while actively serving.
Learn about academic options, financing your degree and expert tips for members going to school. Learn more about college fairs. Check out our tips on finding a college fair near you and making the most out of attending an event and connecting with college representatives.
According to the College Board, the average cost of tuition and fees for the – school year was $34, at private colleges, $9, for state residents at public colleges, and $25, for out-of-state residents attending public universities.