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BAR CHART: A graph containing a set of vertical or horizontal "bars" that are used to present data for discrete categories. A bar chart provides a useful way to compare information about different groups or categories.

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Lesson 3: Scarcity | Unit 4: College Cost Page: 12 of 17

Topic: Out of Pocket <=PAGE BACK | PAGE NEXT=>

An example of the opportunity cost of attending college.
  • Tuition, fees, textbooks, sliderule, etc. ($932.71 per semester) is an explicit opportunity cost.
  • The opportunity cost is all other things that you could have bought with this money-fuzzy dice, hot fudge sundaes, a used Ford Pinto, music CDs.
  • The tuition cost of your college degree is the added up over all semesters ($7,461,68).
However, the TOTAL COST actually goes well beyond this explicit $7,461,68 payment, since there are other costs that don't involve a money payment:
  • By attending school you have foregone alternative activities like working.
  • Unearned income, $15,000 per year, $60,000 for four years, is an extremely important implicit opportunity cost of a college education.
  • Implicit opportunity costs need not have a dollar value attached.
  • The foregone satisfaction from activities like watching television or sleeping, are also implicit opportunity costs.

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CONSTRAINED UTILITY MAXIMIZATION

The process of obtaining the highest possible level of utility from the consumption of goods or services, under given restrictions, when the highest overall level of utility cannot be reached. The notion of constrained utility maximization is a modification of the more general utility maximization assumption. It is based on the recognition that consumers might be restricted from achieving the absolute maximum level of utility. The primary restrictions tend to be the amount of income available relative to price paid. Constrained utility maximization generally does reach the peak of the total utility curve.

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Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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