The value of income one forgoes by attending college instead of getting a job right after high school is called

Question

Quizplus · Accepted Answer

The value of income one forgoes by attending college instead of getting a job right after high school is an opportunity cost, since it represents the value of the next best alternative forgone. Indirect costs refer to expenses that are not directly associated with a specific product or service, sunk costs are costs that have already been incurred and cannot be recovered, and recurring costs are expenses that occur regularly over a period of time.

The Value of Income One Forgoes by Attending College Instead