Question

Blake chose to go to college instead of starting a full-time career after high school. he sacrificed four years of wages while obtaining his degree. what is the term used to identify the cost of his choice?

Answer 1

The term opportunity cost is used to designate the cost of Blake's choice.

What is opportunity cost?

It is an economic term to represent a value placed on an opportunity given up when a choice is made. That is, opportunity cost represents the value of one choice over another.

So Blake's choice to go to college rather than start a full-time career after high school comes with an opportunity cost.

Find out more about opportunity cost here:

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