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Posted: February 11th, 2022
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Class,For me the opportunity cost of attending school, and getting a degree isn’t something that worries me. The opportunity cost of not furthering my education, receiving a degree, and potentially being employed in a better company due to a degree is the cost I’m not willing to pay. We learn that an opportunity cost is an individual will have to sacrifice one option in the choice of another option. You can not have A and B as you’ll be losing the opportunity cost of the ability to choose one after picking another. So, A (Getting an education, and sacrificing time for hobbies or leisure) or B (Choosing leisure or hobbies over getting a degree), and for me B will not be worth the advantage that A potentially has to offer.“The point of the aphorism is that sometimes you have to make a choice between two options that cannot be reconciled. In Russian, you’d say, “You can’t sit on two chairs,” and in German, “You can’t dance at two weddings (Zimmer, 2011).” These statements illustrate the point of opportunity cost perfectly in the regard. So, you can’t truly party and excel academically when it comes to economic theory as one option is ultimately lost between the two choices. The potential student should be intelligent enough to way the options and choose which cost they will ultimately be paying for one over another.-L.K. Innes.
ReferencesZimmer, B. (2011, Feb 18). ‘Have Your Cake and Eat It Too’. Retrieved from The NY Times Magazine: https://www.nytimes.com/2011/02/20/magazine/20FOB-onlanguage-t.html
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