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of the whole family? All in all, many problems come out and they have to make a decision quickly and wisely. Each choice means a corresponding opportunity cost.

That’s consideration for the family members, as for themselves, one of the typical economic puzzle is whether or not go to university and the cost of going to the university, which puzzled me several years ago. As a senior high student, who is going to graduate from the school soon, you are confronted with a problem: study further for another 4 years or more in university or simply stop your learning career and prepare yourself for the job market and try to realize your value in society? The explicit cost of going to university is the tuition, which is different from the daily life expense like room and board that happened anyway, it’s kind of choice and could not be avoided. Besides, the opportunity cost also includes the possible wages you could have earned if you work, since as a freshman without any experience in the job market, your salary would not be very high, so the implicit cost would not be very high, either. It is a kind of cost, no matter how small, anyway. That’s why the government subsidizes the Education, the charitable organizations donate money to university, and even the university itself provide scholarship to encourage outstanding students continue their studies rather than struggle a life in the fierce job market only to find their income are low enough to make their ends meet.

As we step into the job market and have some money available in hand, we may wonder whether put the money in the stock market as a means of creating treasure or put it aside for the possible use. During our careers, maybe the most common application of opportunity cost is to decide whether to do the things ourselves or employ someone to release the burden, in other words, the balance of work and family. Doing things on our own is usually cheap and can be interesting. But the cost of that is the value of the alternatives we could have done. Such alternatives could include taking a part-time job or works as a freelancer, which could enrich our pockets. So doing things ourselves can be expensive in the economic sense. But the non-monetary costs can offset the monetary costs. Spending time having dinner with family is the opportunity cost of doing the part-time job.

Whatever the decision we make, once we decide, the opportunity cost is the forgone alternatives. In fact, not only individuals encounter a variety of choices and the decision of them could incur opportunity cost, the act of organizations and even government could produce opportunity cost.

To set up an organization, especially an organization which aims to make profits, a company, for example, the initiators have to invest money to run the organizations, hire capable persons to help make wise decision and so on. The moment they decide to use the money to set up their company means they cannot put the money for another use, like donate it to a charity or invest it in the real estate or stock market. Just as the beginning depicts that many Chinese are buying US dollars as a means of investment instead of investing the stock market, which used to be a trend recent years. Before they register the organization, they may have to plan on the scope of the organization, the name of it, and the label of it, even if the process may be as simple as an apple with a bite gave birth to