The opportunity cost of a college education includes wages lost while enrolled in school.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative that must be forgone as a result of choosing one option. In the case of pursuing a college education, the opportunity cost includes both the direct (tuition, fees, textbooks) and indirect (lost wages from not working) costs associated with attending college. Therefore, wages lost while enrolled in school are considered an opportunity cost of a college education.

The Opportunity Cost of a College Education Includes Wages Lost