Opportunity Cost

A time I had to make a choice concerning opportunity cost was last spring. I had to make the decision of entering into the Honors Program or the IB Program. Both included advanced courses and IB classes, but IB is more rigorous than Honors.

When I made my decision, I weighed the two options. If I chose to go with Honors, the opportunity cost would've been the full benefit of an IB Diploma such as potential credits for college (could save money on college classes), development of skills (especially writing), and, of course, the Diploma stating that I had made it through the most advanced program provided at school. But, if I chose IB, the opportunity cost would've been a better social life, easier schedule, and more free time. I was stuck and had to not choose what I wanted but what would ultimately benefit me even if it was challenging at times.

In the end, it came down to taking the easier route and not pushing myself to my full potential or challenging myself and pushing through the assessments of a more advanced program while developing essential skills. I measured the affect on my future and realized that developing some of the crucial college skills now, would pay off in the long run. When I have to make crucial decisions, I consider my wants and needs. More importantly I take the long-term affects on my life into consideration .

A question I have concerning opportunity cost is: Do economists consider all possible factors in a major decision or do they only consider the more important factors at hand?

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