- Consumer spending is purchase of consumer goods and services. It’s simply spending on
consumer goods and services goods include; appliances etc. in education it is spending money in education to satisfy public demand.
- Investment spending refers to purchase of economic goods e.g. land, machinery, raw materials etc, economic goods are meant for further production. In education it means acquiring education for future benefits.
- By consumption is meant the utilization of goods and services for one’s immediate satisfaction. It is the process of using up goods and services. We consume bread, music, water, teaching, education etc
- By consumption aspect of education is meant that one is able to derive some utility by receiving a given level of education.
Education enables us to enjoy our environment, adjust to society, makes us to understand what is going on around us- this is the consumption function of education. When we receive education we self actualize, we feel dignified.
Kavungya answered the question on April 3, 2019 at 05:43