Opportunity Cost Assignment Help

Provide your own definition of "opportunity cost". Discuss what the opportunity cost of attending college is for you, noting that the concepts of opportunity costs and explicit monetary costs are not the same.

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In my opinion opportunity cost can be defined as giving up on something in order to have something else or when you have various options in hand for something but you just need to opt for one, and whatsoever you do not select can be regarded as the cost("What is opportunity cost?", 2019). Opportunity cost is very important point to be considered before taking any kind of business decision. It has been seen in various cases that the opportunity cost may end in giving positive as well as negative at the end. Explicit cost can be direct cost involved with that("Explicit and implicit costs and accounting and economic profit", 2019). When talking about my college the opportunity cost would be giving up my evenings. Training and projects takes a lot of time and I do not have any time left to do something else or enjoy my evenings. I do have weekends free but I keep that for my family. Most of the times I try to complete my projects during weekdays. The choice I had is either to give up time for friends and attend my college or to give up timespends with my family. In my opinion college is a decent enough investment and it is definitely going to pay off in the long run. Education always makes a person better and helps to achieve the desired result and accomplish the goals in life. I am sure my friends understand the goals which I need to reach and are going to support me whenever I am in need.

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