Opportunity cost is relevant in this situation. Your opportunity basically consists of the full amount of your college expenses plus the money you would've made when you have chosen to work instead of enrolling in school. <u>The opportunity cost of attending college is $260,000.</u>
The potential benefits that even a person, investor, or business forgo while choosing between two possibilities are known as opportunity costs. Opportunity costs can be easily disregarded since they are by nature invisible.
The opportunity cost would be the worth of what you forgo while making a decision among two or more choices. It's a basic principle that applies to both investing and daily life. The opportunity cost in investing would be the amount of cash you can lose by choosing one asset above another.
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Answer:
- National Government: Every nation needs an authorised administration, which would serve the people of the nation. The role of the National Government is to ensure protection, to give proper education, to protect civil rights and to offer all the necessary commodities (including foods, clothes, materials, etc.) nationwide. National Government works on foreign policies to bring various economical or scientific services to its people.
• Provincial Government: A Provincial Government has administrative power over a province within the nation, under the structural institution of National Government. It works to serve the civil society with education, health and social development. It also takes care of agriculture and roads. Moreover Provincial Government connects National Government with Local Government constitutionally
- Local Government: A local government is the lowest part of governance. It is a form of public administration locally. The power to local government is delegated to them by provincial legislature.
