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    "tStartMs": 3280,
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    "segs": [ {
      "utf8": "Sometimes a new exciting opportunity presents\nitself, when we are completely happy about"
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  }, {
    "tStartMs": 8320,
    "dDurationMs": 1920,
    "segs": [ {
      "utf8": "our existing life situation."
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  }, {
    "tStartMs": 10240,
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    "segs": [ {
      "utf8": "If that happens, we are forced to think about\nopportunity costs."
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    "dDurationMs": 2640,
    "segs": [ {
      "utf8": "This is because when we \nlook at the new opportunity, "
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  }, {
    "tStartMs": 18320,
    "dDurationMs": 2400,
    "segs": [ {
      "utf8": "we compare it with our current situation and"
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  }, {
    "tStartMs": 20720,
    "dDurationMs": 3120,
    "segs": [ {
      "utf8": "think about what is at stake if we would go\nfor it."
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  }, {
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    "dDurationMs": 3360,
    "segs": [ {
      "utf8": "This often happens without us being able to\nsee the full picture."
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    "segs": [ {
      "utf8": "Economists define opportunity cost as the\nbenefit we forego, as we trade-off one alternative"
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  }, {
    "tStartMs": 34560,
    "dDurationMs": 640,
    "segs": [ {
      "utf8": "to keep another."
    } ]
  }, {
    "tStartMs": 35200,
    "dDurationMs": 1920,
    "segs": [ {
      "utf8": "— hoping we make the best choice."
    } ]
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    "segs": [ {
      "utf8": "Although they are often less obvious and sometimes\nspeculative, opportunity costs can be huge,"
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  }, {
    "tStartMs": 44400,
    "dDurationMs": 2400,
    "segs": [ {
      "utf8": "therefore, learning about them makes sense."
    } ]
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    "segs": [ {
      "utf8": "Imagine that we are trying to calculate the\ntrue cost of going to college."
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    "segs": [ {
      "utf8": "One factor can be tuition, which in our case\nis 10,000 dollars."
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    "segs": [ {
      "utf8": "Since that’s our only cost, you might conclude\nthat the cost of college is 10,000 dollars"
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  }, {
    "tStartMs": 61440,
    "dDurationMs": 640,
    "segs": [ {
      "utf8": "a year."
    } ]
  }, {
    "tStartMs": 62080,
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    "segs": [ {
      "utf8": "But to economists, that's not quite right."
    } ]
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    "tStartMs": 64960,
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    "segs": [ {
      "utf8": "Because we have to add the money we could\nhave earned by working, instead of attending"
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    "segs": [ {
      "utf8": "college."
    } ]
  }, {
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    "segs": [ {
      "utf8": "Let’s say that by working full-time in a\nlocal restaurant, you can earn $20,000 a year"
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    "segs": [ {
      "utf8": "."
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    "segs": [ {
      "utf8": "The true costs of going to college are, therefore,\n$10,000 tuition plus $20,000 in opportunity"
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    "tStartMs": 84960,
    "dDurationMs": 960,
    "segs": [ {
      "utf8": "costs."
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  }, {
    "tStartMs": 85920,
    "dDurationMs": 4400,
    "segs": [ {
      "utf8": "By studying for a degree, we trade off 30,000\ndollars a year."
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    "dDurationMs": 3920,
    "segs": [ {
      "utf8": "Although, that's only half the story because\nit also goes the other way around."
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    "dDurationMs": 5680,
    "segs": [ {
      "utf8": "Assuming we go to college for four years,\nwe trade-off $120,000 for an education that"
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  }, {
    "tStartMs": 101520,
    "dDurationMs": 3680,
    "segs": [ {
      "utf8": "leaves us with empty pockets, many ideas and\na degree."
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  }, {
    "tStartMs": 105920,
    "dDurationMs": 5760,
    "segs": [ {
      "utf8": "However, once we are better educated, we might\nbe able to make $40,000 as managers instead"
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  }, {
    "tStartMs": 111680,
    "dDurationMs": 2480,
    "segs": [ {
      "utf8": "of the $20,000 in service."
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  }, {
    "tStartMs": 114160,
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    "segs": [ {
      "utf8": "In such a case, not going to college ends\nup being much more expensive."
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    "tStartMs": 119680,
    "dDurationMs": 1920,
    "segs": [ {
      "utf8": "Do you understand the concept?"
    } ]
  }, {
    "tStartMs": 121600,
    "dDurationMs": 480,
    "segs": [ {
      "utf8": "Show us!"
    } ]
  }, {
    "tStartMs": 122960,
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    "segs": [ {
      "utf8": "Calculate the opportunity costs of a high\nschool student who drops the idea of earning"
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  }, {
    "tStartMs": 127280,
    "dDurationMs": 3840,
    "segs": [ {
      "utf8": "a degree in medicine, and instead chooses\nto help in the family business."
    } ]
  }, {
    "tStartMs": 133120,
    "dDurationMs": 3840,
    "segs": [ {
      "utf8": "The cost for tuition and living is $2,000\na month."
    } ]
  }, {
    "tStartMs": 136960,
    "dDurationMs": 3040,
    "segs": [ {
      "utf8": "It takes a total of 6 years to finish university."
    } ]
  }, {
    "tStartMs": 140000,
    "dDurationMs": 5040,
    "segs": [ {
      "utf8": "After obtaining her degree she works in the\nfield of medicine for 34 years earning $10,000"
    } ]
  }, {
    "tStartMs": 145040,
    "dDurationMs": 3600,
    "segs": [ {
      "utf8": "a month and spending $3,000 on monthly living\nexpenses."
    } ]
  }, {
    "tStartMs": 148640,
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    "segs": [ {
      "utf8": "If she is entering the family business she\nearns $3,500 a month right away for the next"
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  }, {
    "tStartMs": 153840,
    "dDurationMs": 2000,
    "segs": [ {
      "utf8": "40 years with zero living expenses."
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  }, {
    "tStartMs": 156560,
    "dDurationMs": 2240,
    "segs": [ {
      "utf8": "What’s financially the better choice?"
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  }, {
    "tStartMs": 158800,
    "dDurationMs": 1520,
    "segs": [ {
      "utf8": "Post your calculations in the"
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    "segs": [ {
      "utf8": "comments below!"
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