In order to answer this question, we need to define what opportunity cost is. In a nutshell, opportunity cost refers to the benefits that you have given up by choosing one particular option. In this case, the option chosen is attending college. The alternative to attending college would be going out and getting a job, albeit not as good as a job as the one you would be able to get once you have gone to college and gotten a degree.
The opportunity cost of going to college, therefore, is the cost of tuition, the cost of living on or near campus if applicable, and the money that you could have earned if you were working during that time. Other opportunities, such as saving up a deposit for a house or buying a car, would also need to be factored in.
While these opportunity costs may seem high at first glance, they must be looked at in perspective, while also considering the huge advantages the gaining a tertiary education will bring in the long run. Having a degree means that more jobs are...
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