"Economics is the study of how people make choices under conditions of scarcity and of the results of those choices for society. In trying to achieve their goals, people normally face trade-offs: because material and human resources are limited, having more of one good thing means making do with less of some other good thing." (Frank R.H et al, 2007, pg.18)
I was an engineering student for two years in India. I discontinued the course, and then I was in the process of deciding what Bachelors course to do and where to do it. In year 12, I had opted for science subjects. So I was in a real dilemma after discontinuing engineering, whether to choose another science stream for bachelors in university or to completely erase what I studied in year 12 and opt for something else. I therefore checked-in for an aptitude test, where the results showed I needed to enroll in a business course. As a result, I decided to divert from a science stream to a business stream. This was a sacrifice I had to make. I had to give up science for business. Here, I am benefited by the fact that, my family has a big business in India, so I think this business course will help me out a lot once I learn the management techniques.
I had two options, whether to enroll in India or abroad. Studying in India would have been very cheap but the facilities and faculty in western countries are top notch, though I would have to pay a whole lot more. Moreover, the exposure I would get in western countries to international business would be of a higher quality than what is available at home. So, I gave up the cheap education offered in India and decided to come to Australia. The opportunity cost is the cheap bachelor degree I gave up in India in order to study in Australia.
I could also have chosen universities in...