1) How would scenarios A and B (A: recession, B: Economic Boom) affect the opportunity cost of going to college versus going to work immediately after high school? In which scenario is the opportunity cost of going to college higher? Why?
please explain it dept with about 2-3 paragraphs thank you!
1) How would scenarios A and B (A: recession, B: Economic Boom) affect the
Introduction
Recession and economic booms are two parts of the economic cycle that are experienced over the course of time. Recession refers to a period of time when there is an economic decline. This can be seen in reduced levels of economic activity such as a decrease in gross domestic product (GDP), a decline in employment, and a decrease in investment. During a recession, consumers tend to spend less money and companies focus on conserving costs.
On the other hand, an economic boom (also known as an expansion) is a period of economic growth. During a boom, a country's GDP and employment levels increase, and there is an increase in investment. Consumers tend to spend more money and companies are more willing to invest in new projects. Booms are typically followed by recessions and vice versa, making up the economic cycle.
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