How does the production possibilities curve illustrate increasing opportunity costs?
How does a production possibilities curve illustrate opportunity cost? It shows how much were giving up for the other item. For example to produce 8 million tons of watermelons we have to give up making 1 million pairs of shoes, because resources are limited.
Can opportunity cost be something other than money?
Opportunity cost is the profit lost when one alternative is selected over another. Opportunity cost does not necessarily involve money. It can also refer to alternative uses of time.
Is it possible for a person to incur an opportunity cost without spending money?
It is possible for a person to incur an opportunity cost without spending money. While money is a scarce resource, there are other scarce resources that don’t involve money. For example, time is a scarce resource. It is possible to incur an opportunity cost in situations unrelated to spending money.
Is the opportunity cost of attending high school the same for all students?
Is the opportunity cost of attending high school the same for all high school students? No, it is not the same for all students. This is because different students come from different backgrounds. As a result the alternative use of their time can be different.
What is the most widely used rationing device?
Money
What is the opportunity cost of you coming to college?
In short, the opportunity cost of attending college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.
What is the opportunity cost of earning an advanced college degree is that?
The college fee per year is $30k plus expenses. After 4 years, you will be out $120k. The opportunity cost in this case will be $240k since you chose to go to college instead of working. Thus, you will earn less or no money during the years that you are in college.
Who benefits most from free higher education?
Students who enrolled full time at four-year universities for their first year of college, as opposed to those who enrolled part time or went to community college, reaped the most benefits from free tuition.
How Going to college can benefit you both financially and personally?
Go to college, get a job, buy a house, raise a family. The benefits of a college education include career opportunities like better paying and higher skilled jobs, but studies have shown that it also leads to overall happiness and stability.
How will university benefit your future?
Studying at university or college can help make young people more independent, as they learn to manage their own money and time much more than they might have had to previously. The social aspect of higher education is also of benefit to students, as they meet likeminded people and form new friendships.
Is a bachelor degree worth it anymore?
Some say too many degrees are flooding the market. Others claim that acceleration of technology and obsolescence makes academic degrees less important in some fields. But, that’s not really a fair assessment. In reality, a bachelor’s degree still holds high value for both professional and personal objectives.