Several students were talkimg about taking time off after graduating from high school so that they could spend two years traveling around the world. One student remarked "its a great idea, but can you imagine how much it wouod cost? Even if you backpacked and camped out, it would still cost over $10,000!" An economics student replied that the sum of money would not amount to even half the cost. Explain what the economics student was talking about

One explanation I can think of is:

If you wanted to travel "around the world" you need to fly or take ships/boats at least between the continents, but realistically much more. This would be probably at least 5 000 assuming that you always catch the best deal.

Further, you might have to pay some Visas: for example The Visa for India costs around 100 Dollars. Let's say You'll spend another 1000 on visas and administrative fees

Further, you need to buy food during this time. with a budget of 10000 - 6000, you'd have only 4000 left, around 160 dolars a month - which would not be enough, since it takes experience to know where to buy cheap food in unfamiliar countries.

And in all of this - i didn't even count the cost of transport, which would easily amout to 10 000 in smaller regional planes and trains (it's barely thinkable you'd catch a ride from Spain all the way to China ...)