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Those who learn that sacrifice is required for success will do well. It is not always fun to give up time with your friends to study. It is always more fun to spend money than to save. You should now see that not studying is very costly.
A practical example of the idea of opportunity cost is evident in your future decision whether to go to college.
- The real cost of going to college is the loss of income from not getting a full time job after high school.
- The real cost of going to work after high school and not attending college is the loss of a better paying job in the future.
Our elected officials in government also have to determine the opportunity cost of every decision.
- Choosing to use resources on a new highway project means fewer resources will be available for a new school.
- Choosing to fund increases in aid to other countries means fewer resources will be available for local communities.
Complete the Opportunity Costs and Tradeoffs Practice activity below to practice making these types of sacrifices.
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