Answer:
a. "What will I have to give up?" relates to the immediate cost.
b. "What will I gain in return?" relates to the future benefit.
c. The amount of money a worker might make on a job in a year is a salary.
d. The potential earnings of becoming a doctor minus the cost of going to medical school is the accounting profit.
Explanation:
A career is a professional employment path usually long-term. In choosing a career, different aspects should be considered. The most important aspect is usually the economic aspect of the career. For example; one should consider a career path that will be financially beneficial in long run. To do this, one has to do adequate research on various careers to determine one that they can afford without defaulting on a loan. This means that one has to consider costs such as; school fees, accommodation costs in terms of rent, transportation costs and food at the very basic level. It is very crucial for one to pick a career whose cost they can afford.
The immediate cost usually answers the fundamental question "What will i have to give up?"Once one is comfortable with the amount that they are willing to spend for the career path, they can move to the next question. The question "What will I gain in return?" alludes to the future benefit of this endeavor. The career path should be in such a way that the benefit should significantly exceed the immediate cost. The benefits are always in terms of allowances, medical cover and of cause the salary.
The potential earnings that one might get from taking up a given career minus the cost of education and training for that particular career can be defined as the accounting profit. A beneficial career is one where the accounting profit is positive.
