In economics, a common topic of discussion is opportunity cost, or the value of your next best option given up when you choose something. It is often used to highlight how people make decisions when faced with limited resources, especially scarcity of time and money. One common example is a college education. When most people look at the cost of college, they look at the sticker price on the college’s website, which includes room and board, tuition, and a few other odds and ends. Let’s say that ends up being $30,000, with $20,000 for tuition, $9,000 for room and board, and $1,000 Continue reading Why Should Class Attendance be Optional?