Do you think a person who wants to become a doctor is an opportunity cost for th

Question

Do you think a person who wants to become a doctor is an opportunity cost for the United States? Opportunity cost is defined as a trade off in resources or doing or buying something in place of another (Lee, 2015). As an individual going to school to become a doctor I believe there are opportunity costs for the person. I think that the opportunity costs for the United States would be how to spend money on military or trade or education. A decision may need to be made on where to spend that money and it becomes an opportunity cost. Can you explain to me how an individuals choice to be a doctor is an opportunity cost to the United States?

Explanation / Answer

Answer:

Opportunity cost is a cost which is associated for letting go other alternatives. As an individual the country provides the support and infrastructure for the citizens of the country to pursue the career and hence when somebody pursue to become the doctor the amount spend by the country could have been spent in defence or in some other industry where the country can grow its GDP and contributes to its overall economic GDP.

for example : US manufacturing contributes say 60% to its overall GDP growth and service contributes 40% . Since doctor services falls under service sector and hence a person who wants to become a doctor is letting go in growth of the manufacturing sector which contributes more to the GDP and hence there is always an opportunity cost associated and involved when there are more than 1 option is available.

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