ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Since resources such as time, money and land can be to alternatives uses hence there is an opportunity cost associated with each decision, choice and action. The opportunity cost of joining military before attending college is that the student can enrol himself for an advanced degree.

Detailed explanation-2: -In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.

Detailed explanation-3: -The opportunity cost of attending college is everything you give up to attend college. You gave up income by going to class instead of working. You gave up money for tuition and textbooks. One thing you don’t give up is the cost of haircuts.

Detailed explanation-4: -Expert-Verified Answer Tuition fee cost-The amount to be paid to the college. Associated expenses-Along with tuition fees. Income Source-Amount of money you could have earned if you did not decide to study in college. Previous Experience-Any experience gathered before admission to college.

Detailed explanation-5: -The opportunity cost of attending college is likely to be the highest for a high school graduate who started a successful high school business. Opportunity cost is the value of the next best alternative or the loss of value that a person could have achieved if the other course of action had been chosen.