Economics of education is the process by which education is produced and distributed in the society and how much should be invested in education by the society and individuals. Education uses resources of human and material that are limited hence choices have to be made on which level of education to expand more and on which programmes of education to invest more. For this reason, it’s necessary to subject education to economic tools of analysis so as to make the best investment choices.
- Economics of education can therefore be defined as the application of economic tools of analysis to the development of education in a country. These tools include;
1) Cost – benefit analysis
2) Cost efficiency analysis
3) Internal and external efficiency
- These tools enable economists to evaluate investment choices and thus offer rational guidelines on how best to allocate limited resources in the educational sector.
Kavungya answered the question on April 3, 2019 at 05:45
- Outline the consumption and Investment Aspects of Education.(Solved)
Outline the consumption and Investment Aspects of Education.
Date posted: April 3, 2019. Answers (1)
- Describe the theory of human capital.(Solved)
Describe the theory of human capital.
Date posted: April 3, 2019. Answers (1)
- Write short notes on development.(Solved)
Write short notes on development.
Date posted: April 3, 2019. Answers (1)
- Describe human development.(Solved)
Describe human development.
Date posted: April 3, 2019. Answers (1)
- Describe economic development.(Solved)
Describe economic development.
Date posted: April 3, 2019. Answers (1)
- What is under-development?(Solved)
What is under-development?
Date posted: April 3, 2019. Answers (1)
- What is meant by economic growth?(Solved)
What is meant by economic growth?
Date posted: April 3, 2019. Answers (1)
- What is social development?(Solved)
What is social development?
Date posted: April 3, 2019. Answers (1)
- Describe equity of education.(Solved)
Describe equity of education.
Date posted: April 3, 2019. Answers (1)
- Give four questions which can be raised to address equity in education.(Solved)
Give four questions which can be raised to address equity in education.
Date posted: April 3, 2019. Answers (1)
- List three types of equity.(Solved)
List three types of equity.
Date posted: April 3, 2019. Answers (1)
- Give the two types of efficiency.(Solved)
Give the two types of efficiency.
Date posted: April 3, 2019. Answers (1)
- What is meant by efficiency in education?(Solved)
What is meant by efficiency in education?
Date posted: April 3, 2019. Answers (1)
- Give the measures to address inequality concerns of education in Kenya(Solved)
Give the measures to address inequality concerns of education in Kenya
Date posted: April 3, 2019. Answers (1)
- Highlight the relationship between education and economic development.(Solved)
Highlight the relationship between education and economic development.
Date posted: March 7, 2019. Answers (1)
- Highlight the relationship between education and social development.(Solved)
Highlight the relationship between education and social development.
Date posted: March 7, 2019. Answers (1)
- Outline the features of a country experiencing economic development.(Solved)
Outline the features of a country experiencing economic development.
Date posted: March 7, 2019. Answers (1)
- State and explain three methods used in measuring development(Solved)
State and explain three methods used in measuring development.
Date posted: March 7, 2019. Answers (1)
- Highlight the criticism leveled against the theory of human capital.(Solved)
Highlight the criticism leveled against the theory of human capital.
Date posted: March 7, 2019. Answers (1)
- When a planner decides to use the LRA to plan for education, there are several assumptions that he/she makes regarding education,List the assumptions.(Solved)
When a planner decides to use the LRA to plan for education, there are several assumptions that he/she makes regarding education,List the assumptions.
Date posted: March 7, 2019. Answers (1)