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
when the demand function is 2Q-24+3P=0,find the marginal revenue when Q=3.

In a perfectly competitive market the price of the product is?

Q. Define government surplus? Surplus, Government:It's a government surplus exists when a government's tax revenues surpasses its total spending (including both program spendin

the difference between an lc3 and other types of businesses is that

The following model shows the consumption function given: Ct = AD t β 2 Where A and β 2 are unknown constants and D is disposable income. (a) Show how by taking logari

unemployment is voluntary, discuss in view of the classical economists and the keynesian

Managers: Top directors and managers of larger companies who are assigned the task of organizing disciplining workers, initiating production and accounting to shareholders for perf

plese give me supply assigement

WHAT IS A PRODUCTION FUNCTION SCHEDULE?

Corporatism: A system for managing income distribution andwage determination, in that wage levels are determined centrally (across industries or even whole countries) on the founda