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Explain the opportunity cost of not providing excellent early education. In your explanation define opportunity cost...

Explain the opportunity cost of not providing excellent early education. In your explanation define opportunity cost and explain the external benefits that result from educating someone else's children.

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Answer #1

Opportunity cost is the economic cost. It is defined as the cost of next best alternative avalible to the consumer. Suppose a person has two offers to go to college or join a job for 100 thousand USD. If he joins college, his OC will be 100 thousand usd which he did not take.

EXTERNAL BENEFITS OF EDUCATING OTHER'S CHILDREN

1. it will create a positive extenality for the society.

2. It may take finical burden from the parents of the child who now can plan it better.

3. Educating the child will help in becoming self independent.

OC for not providing cost of not providing excellent early education:

1. not a good labour force in future.

2. LOw standard of living for such kids

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