Opportunity Cost

We all use the idea of “opportunity cost” in our every day lives. In general, economists define the "opportunity cost" of any good or service as the value of all the other goods or services that we must give up in order to produce it (http://william-king.www.drexel.edu/top/prin/txt/Neoch/Eco111r.html). While the cost of a good or service often is thought of in monetary terms, opportunity cost of a decision is based on what must be given up as a result of the decision. Whether we use it in our personal lives or the workplace, it is a factor that we all contemplate time and time again.

A person has been given a choice between the following ways to live their life: (1) to take a leave of absence from work, move out of town, and pursue an MBA full-time or (2) to maintain the

eir job while enrolled in a local MBA program.

Both choices are not easy to do. They both give an individual something that they can gain and something they can lose. I my opinion, using the factor of opportunity cost helps someone make the best choice at the time it needs to be made. There may be factors that come into (i.e. environmental and personal) that makes someone choose one over the other.

When making the decision to go back to school, one should consider the opportunity cost, which includes the income that the student would have earned given they went with choice one. There also needs to be a consideration that by leaving town to pursue an MBA full-time would mean not being able to spend your time holding down a salaried job or developing your skills and moving up in

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