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Importance Of Opportunity Cost Of Higher Education

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Education is important and a vital role in the development of an economy. It is even better if the government can provide it in some way. The opportunity cost of higher education has proven to better develop the economic as it provides better job opportunities that pay more if it is a job not a competitive field. It can be considered under getting a technical degree or professional degree, it is jobs needed in the country to help the economy flow. That is a look at higher education. What about early education? Is the opportunity cost of not providing excellent early education beneficial to the economy?
Understanding what opportunity cost is would be an important factor in answering the question. Investopedia would define Opportunity cost as it refers to a benefit that a person could have received, but gave up, to take another course of action. (Staff 2016) It better use as to weight out options that would be better economy. To this will always be applied when it comes to higher education. Business would use this will it comes calculating the productivity. When technology advancement occurs, people must be current. It would include getting certification annually. As applied to higher education meaning a person determination to get the knowledge and education to pursue their career field.
Opportunity Cost= Return of Most Lucrative Option – Return of Chosen Option The above is the formula for calculating the opportunity cost. In the article journal Degree v. Diploma, it is
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