Costs of education, Microeconomics

Costs of Education

The resources employed to produce a good or service measured in monetary terms is known as the ‘cost of the product’. If the measurement is per unit of service or good, it is known as ‘unit cost’. In the context of education, as also in general, the resources can be both physical or human and can be either in monetary or non-monetary terms. If the services are paid for by the consumers (i.e. parents or students in case of education), the cost incurred is known as ‘private cost’.

If the resources paid by the society/government are also included then it is known as ‘social cost’. Social costs are thus inclusive of both the private costs and the costs incurred by the society/government. If such costs are paid through money it becomes ‘direct cost’. If they are paid through time spent or labour put in, it is ‘indirect cost’.The time spent on accessing a service which could otherwise have been used in deriving some earnings/returns is known as ‘opportunity cost’. Opportunity costs are also therefore known as foregone costs/earnings.

Posted Date: 12/17/2012 3:12:17 AM | Location : United States







Related Discussions:- Costs of education, Assignment Help, Ask Question on Costs of education, Get Answer, Expert's Help, Costs of education Discussions

Write discussion on Costs of education
Your posts are moderated
Related Questions



how has the haberlers theory of opportunity cost an improvement over the classical theory of trade

describe returns to scale and give examples of each.

The Acme Bakery in the seaside resort town of Malvino sells freshly baked bread to two categories of consumers: residents of the town and tourists. The weekly demand from touris


What is studying platform? Explain this term in brief. Studying Platform: A studying platform into modern economics comprises some basic economic principles or theories. Thi

What is Co-ordination Number? A Co-ordination Number is the total number of ligands which are attached to the central metal atom by co-ordinate bonds or number of atoms of a liga