Opportunity Cost: The Hidden Cost of Everything

The video tutorial explores the concept of opportunity costs, emphasizing how they influence decision-making. It uses the example of college education to illustrate how opportunity costs can significantly impact the perceived cost of attending college. The tutorial further provides a practical scenario comparing the financial implications of pursuing a medical degree versus joining a family business, highlighting the long-term financial outcomes of each choice.

What is the definition of opportunity cost according to economists?

Discuss the factors that contribute to the true cost of going to college.

How does the concept of opportunity cost apply to the decision of pursuing higher education?

Calculate the total opportunity cost for a high-school student who decides not to pursue a degree in medicine.

What are the financial implications of choosing to attend college versus entering the family business?