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Opportunity Cost: The Hidden Cost of Everything

Every day, we have to make decisions, be it small, like trying a new soap, or huge, like moving abroad. Each such decision comes at a price. This price is the benefit we forego by not choosing the other option. Economists call these benefits “opportunity costs”. Although they are often less obvious and sometimes speculative, opportunity costs can be huge, therefore, learning about them makes sense! Watch our video to learn more about what opportunity costs are, how they work in real life, and how you can calculate the true costs of going to college. SUPPORT us to discover more econ concepts!   / sprouts   🐦: DOWNLOAD video without ads and background music 🤫: https://sproutsschools.com/video-less... SIGN UP to our mailing list and never miss a new video from us 🔔: http://eepurl.com/dNU4BQ SOURCES and teaching resources 🎓: https://sproutsschools.com/opportunit... VISIT our website : https://www.sproutsschools.com CONTRIBUTE by upvoting your favorite topic or suggesting new ones : https://sprouts.featureupvote.com/ THANKS to our patrons Andrea Basilio Rava, Angela, Ann Hufstader, Artur, Badrah, Brilliant Minds Learning, C, Cedric.Wang, Daniel Kramer, Denis Kraus, Digital INnov8ors, Esther Chiang, Eva Marie Koblin, Gatsby Dkdc, Ginger, Hal Beltran, ICH KANN DEUTSCH UND ES WAR EINFACH!, Jannes Kroon, Jeffrey Cassianna, Joanne Doyle, Johan Klassen, Jonathan Schwarz, Jorge Luis Mejia Velazquez, Juliet Hutchings, L Efre, Liskaya, Marcel, Marco VanGuff, Margaret Grace, María, Marq Short, Mathis Nu, Mezes.Macko, Muhammad Humayun, Nicki, Okan Elibol, Petra, Raymond Fujioka, Reynir Örn Bachmann Guðmundsson, Robert Cook, scripz, Si, Stephen, Stephen Clark, Stefan Gros, Susan Schuster, Tetiana Gerasymova, Tristan Scifo, Victor Paweletz, Wolfgang Vullhorst, Yvonne Clapham and all the others.Thank you! To join them visit www.patreon.com/sprouts COLLABORATORS Script: Jonas Koblin Artist: Pascal Gaggelli Voice: Mithrilda Coloring: Nalin Editing: Peera Lertsukittipongsa Head of Partnership Program: Selina Bador Production: Morgan Lizop Proofreading: Susan Sound Design: Miguel Ojeda SOUNDTRACKS Cannonball Swing - RimskyMusic DIG DEEPER with these top videos, games and resources: Listen to this podcast with Michael Munger of Duke University and Russ Roberts talk about the economics of ticket scalping, gifts, and opportunity costs; https://www.econtalk.org/ticket-scalp... Read about Sunk costs; https://en.wikipedia.org/wiki/Sunk_cost Read about opportunity costs, how investors define it; https://www.investopedia.com/terms/o/... SOURCES Opportunity costs - by Econlib; https://www.econlib.org/library/Topic... Opportunity costs - Wikipedia; https://en.wikipedia.org/wiki/Opportu... CLASSROOM EXERCISE Exercise 1: The costs of dropping out of college Let your class calculate the opportunity costs of a high school student who thinks about dropping out of college to help in the family business instead: The cost of tuition and living is $2,000 a month. It takes a total of 6 years to finish university. After obtaining a degree the student can work in the field of medicine for 34 years earning $10,000 a month and spending $3,000 on monthly living expenses. If the student is entering the family business he or she earns $3,500 a month right away for the next 40 years with zero living expenses. What is the cost of dropping out of college? CHAPTERS 00:00 Intro to Opportunity Cost 00:28 Trade off concept 00:49 Cost of college 01:37 Opportunity cost of college 01:59 Calculation exercise 02:45 Patron credits 02:55 Ending TAGS #econ #economics #opportunitycosts #sproutslearning