Question

Explain Opportunity Costs of not working full time and instead attending college. Discuss what would have to happen to make these opportunity costs "worth it".

Answer 1

Opportunity cost is defined as chances of loss or gain from using one option in many available alternatives. In the question, choosing to attend full time college instead of working. The opportunity cost will be calculated as the sum of all expenses incurred for college education plus loss of income you could have earned during the period if opted to work.

These opportunity cost can be covered by earning more salary or any extra income after completion of college. Earning potential may increase after completion of college degree.