If a student decides to spend a year traveling instead of attending university, and the tuition fees for that year are $10,000, what is the student's opportunity cost if they also forgo a potential job earning $20,000 during that year?

Opportunity cost is what you give up when you make a choice. In this case, if the student chooses to travel instead of attending university, they are giving up both the tuition fees of $10,000 and the potential job that could earn them $20,000. To find the total opportunity cost, you add these two amounts together, which equals $30,000. This means the student is not just losing the money they would have spent on tuition, but also the income they could have earned from working. So, the opportunity cost of traveling for a year instead of attending university is $30,000.