You can find answers to the questions in this article at www.hoddereducation.co.uk/economicreviewextras
Traditional economic theory tells us that students will rationally weigh up the costs of attending university against its expected benefits to decide whether to pursue a university degree. One part of these costs is financial — tuition fees, costs associated with living away from home and spending on books and equipment. There is also what economists call the ‘opportunity cost’ of attending university, that is, the wages and experience that could be gained by working instead of continuing with formal education.
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