Opportunity cost is something I notice in life every single day. Opportunity cost is known as "true cost." This is noted to be one of the most important topics in economics. The definition of opportunity cost is the value of foregone opportunity. This means that the opportunity cost is the thing/event/opportunity given up for another thing/event/opportunity. All costs in life are ultimately opportunity costs, and every decision you make has an opportunity cost. A major decision in our lives that we discussed in class involving this topic was the opportunity cost of attending college and making the most of my education. (I personally always knew I was someone who was going to go to college, because education is the top priority for me and my whole family, so it was not really a question for me.) However, some students who are my peers and classmates at Saint Mary's College made this decision, and it is an extremely important one to make.
The opportunity cost of attending college could be many things, because there are many other alternatives to take instead of attending a college or university. It is the other possible opportunities that are foregone or missed out on due to the decision made to go to school. Examples of this are working full-time and making money, traveling, taking a gap year, going to trade school, going to finishing school, or playing an athletic sport and pursuing a career in that instead.
