Lesson 2-3: Opportunity Costs
Attempt: 7
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Studying is an Opportunity Cost Decision
Some "minor" decisions may actually have long-term consequences when taking into consideration the opportunity cost of that decision. For example, studying is hard work with no immediate rewards and pay!
Instead of studying there are other options that could be chosen (these are the opportunity costs of studying)
o Fun/relaxation by watching TV, napping, eating, talking with friends, social media…etc.
o Working extra hours at a part time job to make extra money.
However, the opportunity costs of not studying are many and may have a longer impact.
o Grades suffer.
o Risk of failing out of school increases.
o Lower Grade Point Average leads to fewer job opportunities.
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