Explain that people vary in their willingness to obtain more education or training because these decisions involve incurring immediate costs to obtain possible future benefits. Describe how discounting the future benefits of education and training may lead some people to pass up potentially high rates of return that more education and training may offer.
Subject Area: Social Studies
Strand: Financial Literacy
Standard: Earning Income
Date Adopted or Revised: 04/15
Status: State Board Approved
Remarks/ExamplesExplain how people’s willingness to wait or plan for the future affects their decision to get more education or job training in a dynamic and changing labor market.
Speculate how a high school student might assess the future benefits of going to college, and describe how that assessment will affect the student’s decision to attend college.