Costs of education, Microeconomics

Assignment Help:

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.


Related Discussions:- Costs of education

Determine the action keep the price above market equilibrium, What actions ...

What actions could a government take in order to keep the price above market equilibrium? There are four basic possibilities here; 1) Minimum price;  2) A tax on the good

Long-run supply of housing , The Long-Run Supply of Housing * Scenario...

The Long-Run Supply of Housing * Scenario 1: Owner-occupied housing - Suburban or rural areas - National market for inputs * Questions - Is this an increasing or co

Types of unemployment, Question 1: a) Describe the different types of u...

Question 1: a) Describe the different types of unemployment that exist. b) Critically examine how monetary policy will be used to deal with inflation. c) Critically deter

Explain perfect competition according to economics theory, Explain about th...

Explain about the perfect competition according to economics theory. The procedure of testing and refining theories is the key to the development of modern economics like a sci

Equilibrium price , determinate equilibrium price and quantity. if Qd=7-1/2...

determinate equilibrium price and quantity. if Qd=7-1/2p AND Qs=1/4P-1/2

Explain hard currency, International economic relations also vary, in large...

International economic relations also vary, in large measure, on monetary issues.  You are unlikely to accept the Turkish Lire in payment for your wages in this country, easily bec

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd