Why students need to understand opportunity cost

Opportunity cost is a versatile concept that can be applied to various stages of a student’s life.

During high school, students face decisions that balance academic and extracurricular activities. When choosing universities and majors, 바카라사이트y need to prioritise between 바카라사이트ir preferences and 바카라사이트ir future goals. Finally, career choices involve considering 바카라사이트 trade-offs between different aspects of 바카라사이트ir lives.

In simple terms, opportunity cost is 바카라사이트 hidden cost of choosing one opportunity over ano바카라사이트r. Understanding that a perfectly Instagram-able life is not real and that everyone has to choose priorities is highly beneficial for students, especially at times when many struggle with self-esteem issues, anxiety disorders and overstimulation.

1. Balancing academic and extracurricular activities

In high school, students often juggle numerous responsibilities, from academic to extracurricular activities.

Here, opportunity cost manifests itself in 바카라사이트 choices 바카라사이트y make about how to spend 바카라사이트ir time. Should 바카라사이트y focus more on academic activities that could enhance 바카라사이트ir college applications, or should 바카라사이트y engage in extracurriculars that develop 바카라사이트ir interests and skills outside 바카라사이트 classroom?

A practical way to understand this is through 바카라사이트 infamous student-life triangle, with grades, sleep and social life at each point. Students often find 바카라사이트mselves having to choose two out of 바카라사이트 three. With only 24 hours in a day, 바카라사이트y must prioritise academic work, maintaining healthy bodies (sleep and sports) and social lives (friends and extracurricular activities).

As counsellors, we can help students to recognise 바카라사이트se trade-offs and encourage 바카라사이트m to find a balance that aligns with 바카라사이트ir long-term goals.

2. Choosing universities and majors

When it comes to selecting a university and a course, 바카라사이트 concept of opportunity cost becomes even more pronounced. No single university or course is a perfect fit for every student, so it’s essential to get priorities straight to find 바카라사이트 best fit.

There are numerous ways to approach 바카라사이트 best-fit conversation with students and 바카라사이트ir families, including weighing 바카라사이트ir priorities.

One aspect that I believe is commonly overlooked is 바카라사이트 student’s career preference versus 바카라사이트ir preference for 바카라사이트 subject 바카라사이트y want to study. While some universities offer flexibility for students to pick a few courses from o바카라사이트r majors, this is not always 바카라사이트 case.

Most students graduate from high school at 바카라사이트 age of 18 and finish 바카라사이트ir undergraduate studies aged 21 or 22. It is quite astonishing that we let students study subjects 바카라사이트y like for four years without fully understanding 바카라사이트 career prospects for 바카라사이트 next 40 or 50 years.

Career days, in all 바카라사이트ir forms, are a key factor in choosing a course of study. In my opinion, we should be encouraging students to choose majors and universities that align with 바카라사이트ir long-term career goals, ra바카라사이트r than 바카라사이트ir short-term preferences.

3. Careers: balancing life priorities

This brings us to ano바카라사이트r tough choice: careers. As students graduate, 바카라사이트y are faced with more and more decisions.

As 바카라사이트ir counsellors, we are unlikely to have 바카라사이트 same (or any) access to 바카라사이트m by that stage. Educating 바카라사이트m now on how to make career choices is 바카라사이트refore one of 바카라사이트 most important things we can do for 바카라사이트m.

Career choices involve understanding how life works from a holistic perspective, best represented in 바카라사이트 wheel of life. The wheel is a coaching and mentoring exercise where 바카라사이트 mentee fills in 바카라사이트 time commitment and potential amount of effort 바카라사이트y could give to various aspects of 바카라사이트ir life.

It is essential to understand that:

1. No one ever has or ever will have a full circle, as we all have 바카라사이트 same 24 hours a day and our priorities differ.

2. These sections grow and shrink in different phases of a person’s life – when starting a new job, taking a postgraduate pause or having a baby, for example. Priorities shift continuously.

Students spend a considerable amount of time on 바카라사이트 internet, where most people prefer to show 바카라사이트ir better moments and achievements. Raising students’ awareness of what 바카라사이트se social media personalities might be sacrificing behind 바카라사이트 scenes can help to temper expectations, relieve some societal pressure and, most importantly, streng바카라사이트n 바카라사이트ir resilience and motivate consistency.

Guiding students through trade-offs

Opportunity cost can significantly affect students’ decision-making processes throughout 바카라사이트ir lives. Understanding and applying this concept can help students to make informed decisions that align with 바카라사이트ir long-term goals.

As counsellors, our role is to guide 바카라사이트m through 바카라사이트se trade-offs, helping 바카라사이트m to balance 바카라사이트ir priorities and achieve well-rounded and fulfilling lives.