Question

Explain the following comment "Affluence tomorrow requires sacrifice today."  What is the opportunity cost of attending college?  Does graduating from college guarantee economic security? Use a grapher to draw a production possibility curve and post your curve here. You will not receive credit for the discussion if you do not post a graph.

Answer 1

Affluence tomorrow requires sacrifice today. In order to make it big in life we have to sacrifice today. E. G savers have to sacrifice their consumption to save and earn more income for future use. From this income they could get higher future consumption. In the same way one has to play less today and concentrate more on studies to earn more in future. The opportunity cost of attending a college is the loss of income that could be earned in best alternative. E G by working in restaurant.