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
The prevention of major swings in economic activity can be handled most easily by the

meaning of opportunity cost under theory of cost

what is the theory of second best? prove the theorem with the help of a diagram.

what are criteria and conditions for pareto optimacy

PREFERENCES TOWARD RISK * Choosing Among Risky Alternatives - Assume - Consumption of a single commodity - The consumer knows all probabilities - Payoffs measured i

Demand for Risky Assets *  Assets - Something which provides a flow of money or services to its owner. -  The flow of money or services can be explicit or implicit . *


Analyze the various ways in which property rights encourage economic development and make at least one recommendation for improving current laws. Explain your rationale.

The reaction of nitrogen dioxide with fluorine 2 NO2 + F2 2 NO2F is first order in NO2 and first order in F2. Complete the rate law for this reaction in the box below. Use the f

Explain the roles of economics theory. Roles of Economic Theory An economic theory has three probable roles: a. This can be used to describe economic behavior and economi