Case Study: Opportunity Cost

Better Essays
Case Study #1: Opportunity Cost In live, almost everything we do has an opportunity cost, whether you are going on vacation or going to college. Opportunity cost is basically the cost of doing one thing rather than doing something else. While going to college, students need to think about what they are sacrificing in order to further their education. Although many people know about the extreme price they are paying for tuition itself, many students don 't factor in the money they could have made if they were to have gotten a job instead of spending their time at school. 80k- Cost of degree +120k- Money lost from not working = 200k Total Cost In my situation, I estimated my opportunity cost of attending college is…show more content…
I believe the quote shows how people are caught up in this awful cycle where they are forced to do and buy things they don 't need in order to make themselves feel more prideful about themselves. I feel like I definitely see people suffer from this cycle, including myself. We are all buying things that we don 't necessarily need and upgrading things that don 't need to be upgraded in order for us to feel better about ourselves. This cycle is one that needs to stop or slow down because it is leading to higher debts and lower savings. Seeing this trend makes me think back and realize how most of the money that I spend has no real purpose and doesn’t matter in the long run. Although I understand the concept of wanting to seek innovation and wanting to purchase new things, I dislike the way how it leads toward our life being more and more materialistic than it ever has before. I remember while in class someone was wondering where our money would go if we weren’t to spend it all on materialistic goods that make us feel better about ourselves. I feel like along with investing more and saving more of the money, it would be extremely beneficial for us to start putting…show more content…
Growing up, I never really learned about countries like Sri Lanka or Poland, none the less learned which country has a higher child mortality rate. If the countries were more popular, students and teachers would definitely have a better clue of the countries people and their economic system. One graph from the presentation showed how basically every country has seen a lower fertility rate and a higher life expectancy rate over time. In high school, I learned that this trend is a side effect of the countries growth. The overall better education that the citizens have doesn’t only include being better in the workforce, it also comes with an improved sex education. A higher level of knowledge helps adults, women, in particular, decide how many children they actually want, and know how many children they can sufficiently provide for. Also, life expectancies always tend to go up with the increased amount of money a parent can spend on each child, along with gained knowledge of new medicine and health standards in the country. That is why there all developed countries have fairly high life expectancies and fairly low fertility rates compared to undeveloped countries. Although many of the graphs may have seemed crazy, I feel like they are all fairly
Get Access