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What is the opportunity cost of paying for classes? 
Explain why college students are willing to pay for classes? Include a discussion of the ten economic principles in this context.

 

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In the context of opportunity cost, the ten economic principles are-

1) Every person faces a trade-off

2) Cost of anything refers to what is given up to get it

3) Rational people, they think at the margin

4) People tend to respond to incentives

5) Trade can make everyone better off

6) A good option to organize economic activity is market

7) The government has the power to improve market outcomes

8) Production of services in a country raises the standard of living.

9) The rise in price depends on the government’s printing of more money

10) Because of inflation and unemployment, a society faces short term trade-off(Mankiw, 2016).

The opportunity cost of attending the class refers to the amount of earning a student can achieve if he takes a job or does something else instead of going to the class. Suppose after his high school degree, John could have got a job with an annual salary of $50,000. Instead of doing the job, John chooses to attend college class to get a degree and a better job in future. So, the opportunity cost of attending the class for John is $50000.

If we consider the case of opportunity cost for college students in the light of above mentioned ten economic principles, then Point 1 says every person has to keep a balance between two desirables. Here students also choose to study in college before entering into work life. Hence, keeping a balance between higher education and job opportunity. Point 2 says that cost of anything refers to what is given up to get it. Students also compromise with their job for higher studies to get a better job opportunity after acquiring a college degree. Point 3 says Rationalpeople think at the margin. For college students, the marginal benefit from college class is supposedly higher than marginal cost for obtaining in the long term. According to point 4, people respond to incentives. Here for college students, the biggest incentive for paying for classes is that, after the completion of their course, they will get knowledge and a degree which they can use to get a better job to earn money. Also, there is a cost attached for taking the classes which can be paid in the form of money. Point 5 says that trade can make everyone better off. But this requires specialization. College students obtain specific skills to their choice from college classes. Point 6 mentions that a market is a good option for organizing economic activity. Students also choose to attend college for better market evaluation and to get a better job, hence organizing economic activity. According to point 7, the government has the power to improve market outcomes. Here also, the government plays a key role to design the college education system and structurize economic format which indirectly related to opportunity cost for classes. Point 8 mentions that the production of goods and services in a country raises the standard of living. But for this, a certain amount of skillset and technological advancement needed which can be gained from colleges by attending classes. Point 9 states that the rise in price depends on the government’s printing of more money. With the rise of price, the college fees also increase, or the valuation of students also raise after their completion of a college course. This also affects the opportunity cost value. Point 10 explains because of inflation and unemployment; society faces short term trade-off. Inflation and unemployment also affect the value of opportunity cost.

These are the reasons for college students to pay opportunity costs for classes.

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