What are some opportunity costs associated with your decision to attend school? Please include both monetary and non-monetary costs.

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Opportunity costs are the benefits that an individual misses out on when they choose one alternative over another. "There is no such thing as a free lunch" is a famous saying that deals with opportunity cost. Even though the lunch was free, you chose to eat there rather than a...

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Opportunity costs are the benefits that an individual misses out on when they choose one alternative over another. "There is no such thing as a free lunch" is a famous saying that deals with opportunity cost. Even though the lunch was free, you chose to eat there rather than a different place or with a different person. That alternative opportunity was lost due to the one choice.

Without knowing exactly what type of school this question is asking about, I can't tailor this answer to your specific situation. Let's start with the choice to attend a school where there is no tuition. You didn't have to pay to attend class, but you did lose out on potential money. By attending school, you are not allowing yourself to use that same time commitment to work a job and earn a paycheck. If you are attending college and tuition is $20,000 per year, the opportunity cost might be that you could have spent that money traveling the world. Non-monetary costs are also associated with opportunity costs, and I would recommend thinking about the opportunity cost being time. You are choosing to go to school. This means that many hours per day are being dedicated to attending class, studying, and doing homework. Those are hours that could have been spent enjoying time with friends, spouses, kids, and so on.

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