opportunity costjeffrey graham posted oct 26 W r i t i n g
What I need done with this assignment is my initial post, and two responses done on classmates.
“Introduce yourself briefly, including your program of study and career interests. Then address the following prompt:
In Chapter 2, you learned about the concept of opportunity cost, and the Section 2.1 review video demonstrated this concept. In your initial post, respond to the following:
- Describe the opportunity cost of attending a four-year college (assuming a full-time schedule, living on-campus). Given these opportunity costs, why do people choose a four-year college experience?
- In your own life, what are the trade-offs you face when choosing online classes versus traditional face-to-face classes?
In your response posts to your peers, comment on the trade-offs made by your peers, and contribute other costs and trade-offs that might be possible. Additionally, discuss why trade-offs differ among individuals, giving concrete explanation.”
To complete this assignment, review the Discussion Rubric document.
1st classmate response needed
Nikko Goncalves posted Oct 27, 2020 9:04 PM
Hello class! My name is Nikko Goncalves. I am 29 years old and recently engage! I currently live in a small town called Champaign in Illinois. I do not have any kids as of yet, but hopefully soon. I am pursuing my degree in Business Administration. However, I keep taking breaks because life keeps happing. This is my first class back and I’m going to finish this time!
The reason I think people choose a four-year college experience is because that is what society tells us we are suppose to do. If we go back in time, you could get a job with out a degree or even just with an associates degree. Now, society tells us that we need a bachelors degree. Aside from that, you also have the college experience such as the partying, fraternities, and living on your own for the first time. Due to students wanting to experience all this, they are willing to overlook the opportunity cost. The money that students or their parents pay for tuition, parking permits, rent for a dorm, food, books, and so on is outrageous, but they do it for the experience.
The trade-offs I face for choosing online over face-to-face are time spent with family vs time spent in class. I also move ALOT. I have moved 11 times over the last 10 years, living in 6 different states. By doing classes online, it prevents me from having to constantly switch schools. This also allows me to be completely independent and create a schedule that works to my needs.
2nd classmate response needed
Jeffrey Graham posted Oct 26, 2020 2:19 PM
My name is Jeff, currently I reside in NH with my fiancé and our four dogs! I am tackling the BS in Business Administration with a concentration in Finance, hopefully graduating this summer! I am really hoping this degree and some of my experience in business, accounting and finance will help me land a career in the business or finance world, preferably starting in a rotational program leading to a full-time position!
In Chapter 2 we learned about opportunity cost; “The opportunity cost of any activity is the highest-valued alternative that must be given up to engage in that activity” (Hubbard & O’Brien, 2015).
Attending college is very important, though it can come with some drawbacks. For a student attending a four year college, full-time and living on-campus the opportunity cost (what is given up) to attend college could be a few items to consider. In my opinion the greatest opportunity cost would be that a person in those shoes gives up the ability to work a full-time job. As an example; let’s say I either have the ability to attend a four year college and live on campus racking up $8,000 in debt each year or instead I could take a full-time job paying $25,000 per year. After four years in college I owe $32,000, after four years working full-time I have made $100,000 before taxes and living expenses. That is a $132,000 difference in just four years, quite the opportunity cost! Now that’s not to say that attaining a degree won’t better position a person for a much higher paying job, with quicker advancements and usually also less physically demanding, being a large reason people will consider this opportunity cost as worth it.
In my own life, there are a few tradeoffs I face from taking online classes versus face-to-face classes. Starting with the fact that I miss out on a more personal experience and the ability to ask questions in real time. Though I miss out on said experiences, I also gain more free time, have the ability to work and do school simultaneously and pay a whole lot less in tuition. My employer also pays a large amount towards costs each year, something I would not have available if I lived on campus and went to school full-time. For me the opportunity costs of attending online classes are far outweighed by the benefits and if it means I have to study harder, I am up for the challenge!
Hubbard, G. R., & O’Brien, A. P. (2015). Microeconomics (Fifth ed.).