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Did Zuckerberg, Winfrey, and James Make Bad Choices?
Opportunity costs come into play in decisions well beyond simple buying decisions. Consider the different choices people make with respect to college. The average salaries earned by college graduates are nearly twice as high as those earned by persons with just high school diplomas. For most capable students, “Go to college, stay in college, and earn a degree” is very sound advice.
Yet Facebook founder Mark Zuckerberg and talk show host Oprah Winfrey* both dropped out of college, and basketball star LeBron James never even bothered to start classes. What were they thinking? Unlike most students, Zukerberg faced enormous opportunity costs for staying in college. He had a vision for his company, and dropping out helped to ensure Facebook’s success. Similarly, Winfrey landed a spot in local television news when she was a teenager, eventually producing and starring in the Oprah Winfrey Show when she was 32 years old. Getting a degree in her twenties might have interrupted the string of successes that made her famous talk show possible. And James knew that professional athletes have short careers. Therefore, going to college directly after high school would have taken away four years of his peak earning potential.
So Zuckerberg, Winfrey, and James understood opportunity costs and made their choices accordingly. The size of opportunity costs matters greatly in making individual decisions.
As you ponder the above, and enter into the discussion, here some considerations;
What are your instinctive “first reflections” on this piece? What have you learned from the Module chapter readings that you believe should be taken into account in addressing this discussion?
Indeed, did they make good choices given their contributions to all human kind?
Do their choices at age 18-20 serve to illuminate an appropriate path for people of similar age today?
When you examine each individual case, to what extent does it help us understand the concept of Opportunity Cost? Use attached documents for help. There can be NO use of quotes or references. This is an opinion piece. Please make sure to answer all the questions. NO NEED FOR ANY FILLER!
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