Sunday, March 1, 2009

Opportunity Cost

Opportunity cost in economic terms is the next best alternatives goods or service. But in my case, I’d like to apply it to my daily life in school. Excluding holidays, weekends and other special occasions, there are only 181days of studying in school per year. The school fees for IB students are approximately S$24000 per year. A school fees per day is S$132. So if someone dares you not to go to school for $100, it is not worth the money as it is a deficit of $32. With no qualifications and experience, you will have to work at Macdonald’s at $4.5 per hour rate for 7.1 hours. People might think it will be worth not going to school if someone gives $150, but its not. For the 6 plus hours not attending school, you will miss a lot of lessons and will have to do self study to catch up with the classmates. Because there is no one coaching you, you will find most of the things hard to understand and will take a longer time. In the other hand, if one person didn't accept the money and went for school, he/she will save much more time and effort and wastes no money.To study hard or have fun throughout the teenage life and not study, will make alot of difference in the future. If i slack all the way even after the final exams, i don't get good grades and i won't be recognised in any university and may not get accepted anywhere. Many people say youth, teenage life is the best stage in life as compared to the adult world, youth don't suffer that much. So should we slack now, or study hard now and regret later? Studying hard, getting good grades make your status shine, and you will be able to get into a good university and do furthur studies and maybe you might get headhunted by well-known company and get high pays. The point i'm trying to highlight is that, if i quit school and don't study, and get an available job, even with the 6years working experience compared to other friends who would stay in school for furthur studies, i won't be able to catch their salary. Is the choice of weather someone would like to endure the "suffering" in school and get a decent job with good pays, or jump into the reality faster so you won't "suffer" (but will suffer even more later on). I chose to study hard in school now, and have a good life later on in the future. Then i'll need finish this assignment and pass it to Ms.Vyna.


1 comment:

  1. Excellent application to real life of a student! Your definition of opportunity cost needs to be more precise though. Opportunity cost is the next best alternative forgone. Being able to do cost and benefit analysis – you have an economic mindset!

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