The Benefits Of College Essay

1200 words - 5 pages

If you were to by chance walk into a normal, bland Economics 101 class, you are almost destined to overhear a professor speak about one of the most important cornerstones of basic microeconomics, opportunity cost. By definition, opportunity cost is what one forfeits in order to pursue something else. A big decision of life that exemplifies the exact definition of opportunity cost is when teenagers go to college. Instead of getting a job at a low level right out of high school, many of todays concerned teens are giving up their ability to immediately labor for income and instead go straight to college in hopes of obtaining a higher level occupation. The concerning question on the mind of unknowing newcomers to the real world is, however, if college is all that it’s built up to be. The fact is, if you look at attending college in the long run, the ability to conceal a high paying job by the time of graduating is very high, making the opportunity cost very worth it.
There are a plethora of people who will tell you college is in fact not worth the supposed wasting away of your money because you will never be able to compete with the rising cost of student loans that have plagued the recent population of higher learners. This is true if you only look at things though a very small spectrum. Sure, the economy might not be at the best it’s ever been, but another concept of economics that needs to be acknowledged is the business cycle. The business cycle is a very solid theory that says that the market will follow a distinct pattern of going through a period of recession, severe recession, normalcy, and then surplus. As of 2013, the current market state is following upward slope after a devastating severe recession and we’re now just right below the line of normalcy. One of the big determinates of how to tell when the market is doing well or not well is by looking into what the current and expected unemployment rate is going to be. In 2008, when the stock market crashed after many over-speculated, overvalued stocks and loans were let go by leading American banks, the unemployment rate shot up over the next two years to record breaking numbers. “The unemployment rate surged to 10.2 percent in October [2009], reaching double digits for the first time in 26 years.” ( Ten percent is a massively large number considering the United States has over 300 million citizens, therefore, the state of the country was quickly regarded by economists to be in a severe recession. It’s important to analyze statistics like these to decide if it is a worthy investment to attend college because there are only so many jobs that exist in the world. This is not to fear in recent years, though, because since the state of our country is on an economic upturn, the unemployment rate is falling at a stable rate. “The U.S. economy added 148,000 jobs in September [2013], as the unemployment rate ticked down to 7.2 percent, the Bureau of Labor Statistic reported Tuesday.”...

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