ECONOMICS OF EDUCATION: WHAT IS ECONOMICS? WHAT IS ECONOMICS OF EDUCATION?

CHAPTER ONE Economics & Economics of Education 1a i). Define the term economics in relation to Education. Economics is a study of scarce resources and how best they can be produced and distributed to meet the given ends (i.e. goals, objectives etc). This involves the problem of choice ie. how best we can choose to … More ECONOMICS OF EDUCATION: WHAT IS ECONOMICS? WHAT IS ECONOMICS OF EDUCATION?

ECONOMICS OF EDUCATION: Do you know the basic principles and laws of economics? What are they?

CHAPTER ONE Economics & Economics of Education 1 a ii). Examine the concept of the law of economics. Basic principle/law of economics When choosing among a number of alternative possibilities, one should choose that alternative which minimizes the cost of achieving the desired benefit or, alternatively, maximizes the benefit of satisfaction derived from a given … More ECONOMICS OF EDUCATION: Do you know the basic principles and laws of economics? What are they?

ECONOMICS OF EDUCATION: What is the usefulness of economics in education?

CHAPTER ONE Economics & Economics of Education 1 a iii). Analyze the importance of economics in education and its usefulness in society. Why economics of education? Education uses resources and is, therefore, costly to both individuals and societies. As a result, economists of education would like to acquaint themselves as to the magnitude of costs … More ECONOMICS OF EDUCATION: What is the usefulness of economics in education?

ECONOMICS OF EDUCATION: What is the evolution of thought on economics of education?

CHAPTER TWO THEORY OF HUMAN CAPITAL 2 a i). Analyze the evolution of thought on economics of education. Evolution of thought on economics of education Thinkers from time immemorial to the present day have shown concern with the economic role education plays in society. The following is a summary of the reviews that have historically … More ECONOMICS OF EDUCATION: What is the evolution of thought on economics of education?

ECONOMICS OF EDUCATION: What are the contemporary Economists’ point of view on education as an investment?

CHAPTER TWO THEORY OF HUMAN CAPITAL 2 a ii).  Give an explanation for the contemporary economists’ point of view on education as an investment CONTEMPORARY ECONOMISTS ON EDUCATION AS AN INVESTMENT HUMAN CAPITAL THEORY Human capital refers to a term which was popularized by Gary Becker, who was an economist at the University of Chicago and … More ECONOMICS OF EDUCATION: What are the contemporary Economists’ point of view on education as an investment?

ECONOMICS OF EDUCATION: What are costs and benefits of Education?

  CHAPTER TWO THEORY OF HUMAN CAPITAL 2a iii). Give an examination on the measurement of education’s costs and benefits Measurement of Education’s Costs and Benefits i). Education Costs Costs incurred on education fall into two broad categories: Private and Social costs. a). Private Costs. Private costs are those incurred by the individual, family or … More ECONOMICS OF EDUCATION: What are costs and benefits of Education?

ECONOMICS OF EDUCATION: Are there any benefits of age earning profiles?

CHAPTER TWO THEORY OF HUMAN CAPITAL 2a iv). State the benefits of age earning profiles. MEASURING BENEFITS OF AGE EARNINGS PROFILES Age-earnings profiles are statistics obtained and classified according to age (experiences) and education. This is because earnings depend upon a person’s age, educational qualification, and experiences. Data is collected on the earnings of a … More ECONOMICS OF EDUCATION: Are there any benefits of age earning profiles?

ECONOMICS OF EDUCATION: Does Education have a bearing and how does it contribute to economic growth?

CHAPTER THREE EDUCATION AND DEVELOPMENT 3a i). Analyze the contribution of education to economic growth The concept that investment in human capital promotes economic growth can be traced back to the time of Adam Smith and the early classical economists who stressed the importance of investment in human skills. However, it was not until the … More ECONOMICS OF EDUCATION: Does Education have a bearing and how does it contribute to economic growth?

ECONOMICS OF EDUCATION: What direct contribution does Education bring towards Economic development? How does it increase reproductivity in the workforce?

CHAPTER THREE EDUCATION AND DEVELOPMENT 3a ii). Analyze the direct contribution of education to economic growth DIRECT CONTRIBUTION OF EDUCATION TO DEVELOPMENT. The Economic Payoff to education: Cost-benefit and rate of return analysis for a large number of countries suggest that economic payoff to education Is high and remains so with economic growth. As countries … More ECONOMICS OF EDUCATION: What direct contribution does Education bring towards Economic development? How does it increase reproductivity in the workforce?

ECONOMICS OF EDUCATION: What are the indirect contributions of education to economic growth?

CHAPTER THREE EDUCATION AND DEVELOPMENT 3a iii). Explain the indirect contribution of education to economic growth INDIRECT CONTRIBUTIONS OF EDUCATION TO DEVELOPMENT Education also has important effects on social aspects of the life of the people but which cannot be measured using economic tools of analysis. Apart from the direct economic benefits accruing to the … More ECONOMICS OF EDUCATION: What are the indirect contributions of education to economic growth?

ECONOMICS OF EDUCATION: What do we mean by the concept of demand and supply in relation to Education?

CHAPTER FOUR DEMAND FOR AND SUPPLY OF EDUCATION 4a i). Identify the concept of demand and supply in relation to education Demand for Education The Concept of Demand: Economists define demand as a schedule indicating the amount of a particular good or service that consumers are willing and able to buy at each price in … More ECONOMICS OF EDUCATION: What do we mean by the concept of demand and supply in relation to Education?

ECONOMICS OF EDUCATION: What are the different types of efficiency and how do they relate to education?

CHAPTER FIVE EFFICIENCY AND EQUITY IN EDUCATION 5a i). Examine the concept of efficiency in education We have already seen that economics is the study of how man uses the scarce resources at his disposal to meet a variety of needs/objectives. Due to this challenge of scarcity, resources have to be used well so as to … More ECONOMICS OF EDUCATION: What are the different types of efficiency and how do they relate to education?

ECONOMICS OF EDUCATION: How does cost function analysis and internal efficiency relate to the teaching process?

CHAPTER FIVE EFFICIENCY AND EQUITY IN EDUCATION 5a ii). Analyze how cost function analysis and internal efficiency relates to the teaching process. Cost-Function analysis and internal efficiency Economics of education was defined as the application of Economic tools of analysis to Education. One such tool is the Cost-Function analysis. Cost-Function analysis is the inter-relationship between … More ECONOMICS OF EDUCATION: How does cost function analysis and internal efficiency relate to the teaching process?

ECONOMICS OF EDUCATION: What are some of the obstacles facing Educational Efficiency?

CHAPTER FIVE EFFICIENCY AND EQUITY IN EDUCATION 5a iii). Examine the obstacles of Educational Efficiency Obstacles to Educational Efficiency Wastage: Drop out and repetition. These could be due to; a) economic difficulties and b). Low quality of education Teacher salaries. Consume about 90% of the education budget. However, if teachers are well paid, the system … More ECONOMICS OF EDUCATION: What are some of the obstacles facing Educational Efficiency?

ECONOMICS OF EDUCATION:What is the place of Equity in Education?

CHAPTER FIVE EFFICIENCY AND EQUITY IN EDUCATION 5a iv). Assess the place of Equity in Education EQUITY IN EDUCATION Definition. Equity is a political/social/moral principle which is concerned with “fairness” and “justice” especially with regard to allocation of resources. Equity is not the same as equality. In some old literature, the two terms are treated … More ECONOMICS OF EDUCATION:What is the place of Equity in Education?

ECONOMICS OF EDUCATION: What are some the sources of educational finance?6a i).

CHAPTER SIX FINANCING EDUCATION 6a i).Analyze some the sources of educational finance As seen in Chapter I, education is an economic good. For education to be supplied, resources are required. These resources come at a cost and thus the need to address the issue of financing education. As seen earlier, education has got social costs … More ECONOMICS OF EDUCATION: What are some the sources of educational finance?6a i).

ECONOMICS OF EDUCATION: What is the rationale for financing education in the Public Sector?6a ii).

CHAPTER SIX FINANCING EDUCATION 6a ii). Explain the rationale for financing education in the Public Sector Rationale for Financing Education in the Public Sector: Education is considered as both a private and social investment which is shared by individual students, their families, employers, government and other social groups e.g. NGOs, FBOs and CBOs. On the … More ECONOMICS OF EDUCATION: What is the rationale for financing education in the Public Sector?6a ii).

ECONOMICS OF EDUCATION: What are some of the challenges facing public financing of education?6a iii).

CHAPTER SIX FINANCING EDUCATION 6a iii). Examine some of the challenges facing public financing of education Challenges Facing Public Financing of Education: 1. Misallocation among education sub-sectors: Public spending on education is often inefficient when it is misallocated across levels and within levels. In low and middle-income countries, the rates of return to investment in … More ECONOMICS OF EDUCATION: What are some of the challenges facing public financing of education?6a iii).

ECONOMICS OF EDUCATION: How can one diversify sources of Financing Education?6a iv).

CHAPTER SIX FINANCING EDUCATION 6a iv). Examine the concept of diversifying sources of Financing Education Diversifying Sources of Financing Education During the 1960 and 1970s, most of the expansion of education in many countries was financed by increased public expenditure on education which rose in relation to national income and public expenditure as a whole. … More ECONOMICS OF EDUCATION: How can one diversify sources of Financing Education?6a iv).

ECONOMICS OF EDUCATION: How is the concept of Educational Planning applied in the teaching process today?7a i).

CHAPTER SEVEN: INTRODUCTION TO EDUCATIONAL PLANNING 7a i). Analyze the concept of Educational Planning in the teaching process today A plan is a document depicting Policy or showing the direction or processes to be used in accomplishing a project. A plan is like a map showing the routes, obstacles, facts etc of an ara. A … More ECONOMICS OF EDUCATION: How is the concept of Educational Planning applied in the teaching process today?7a i).

ECONOMICS OF EDUCATION: What is the rationale for educational planning in today’s society?7a ii).

CHAPTER SEVEN: INTRODUCTION TO EDUCATIONAL PLANNING 7a ii). Provide the rationale for educational planning in today’s society. EDUCATIONAL PLANNING The application of rational and systematic analysis to the process of educational development with the aim of making education more effective and efficient in responding to the needs and goals of its students and society. RATIONALE … More ECONOMICS OF EDUCATION: What is the rationale for educational planning in today’s society?7a ii).

ECONOMICS OF EDUCATION: What is the Social Demand Approach?

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8a i). Examine the Social Demand Approach This unit will make you through both the traditional and conventional approaches to educational planning. Merits and demerits of each approach will be addressed. TRADITIONAL METHODOLOGIES/APPROACHES TO EDUCATIONAL PLANNING The Social Demand Approach Based on the UN Declaration of Education as a … More ECONOMICS OF EDUCATION: What is the Social Demand Approach?

ECONOMICS OF EDUCATION: Can you give a detailed analysis of the manpower requirement approach?

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8a ii). Give a detailed analysis of the manpower requirement approach The Manpower Requirement Approach The focus of this approach is to forecast the manpower needs of the economy. That is, it stresses output from the educational system to meet the manpower needs at some future date. The approach … More ECONOMICS OF EDUCATION: Can you give a detailed analysis of the manpower requirement approach?

ECONOMICS OF EDUCATION: Can you give a cost-benefit Analysis of Education?8a iii).

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8a iii). Give the cost-benefit analysis of Education. Cost-benefits Analysis of Education Cost benefits approach at each level of education as an investment in human beings with the purpose that the returns will help to improve the whole economy. Assumptions- The wages/salaries paid to worker reflect difference in their … More ECONOMICS OF EDUCATION: Can you give a cost-benefit Analysis of Education?8a iii).

ECONOMICS OF EDUCATION: What are the advantages and disadvantages of the Tracer Studies/Graduate Survey?8a iv)

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8a iv).Outline the advantages and disadvantages of the Tracer Studies/Graduate Survey CONTEMPORARY APPROACHES 1. Tracer Studies/Graduate Survey Also called graduate or alumni survey since its target group is former students. These studies follow a cohort of students through graduation and a few years into the labor market. The main … More ECONOMICS OF EDUCATION: What are the advantages and disadvantages of the Tracer Studies/Graduate Survey?8a iv)

ECONOMICS OF EDUCATION: What is the application of the labour market analysis in the teaching-learning process?8b i).

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8b i). Propose the application of the labour market analysis in the teaching-learning process. LABOUR MARKET ANALYSIS (opposes manpower planning ) This approach/methodology presents a major shift from the manpower planning approach. While Manpower planning focus on skilled and formal labour only and is gender biased (woman power, manpower), … More ECONOMICS OF EDUCATION: What is the application of the labour market analysis in the teaching-learning process?8b i).

ECONOMICS OF EDUCATION: Are you able to provide an analysis of the dos and don’ts of Labor Market Analysis approach?8b ii).

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8b ii). Provide an analysis of the dos and don’ts of Labor Market Analysis approach THE DOs AND DON’TS OF Labor Market Analysis approach Less Emphasis on More Emphasis on Planning Policymaking and Analysis Manpower Labour Force Counting Heads Measuring Wages Firm Labour Surveys Household surveys Opinion surveys Tracer … More ECONOMICS OF EDUCATION: Are you able to provide an analysis of the dos and don’ts of Labor Market Analysis approach?8b ii).

ECONOMICS OF EDUCATION: What is the cost-effectiveness? How does it impact the teaching-learning process?8b iii).

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8b iii). Outline the cost-effectiveness approach COST-EFFECTIVENESS APPROACH Cost-effectiveness analysis was developed in the 1950s by the United States Department of Defense Used as a device for judge among the demands of the various branches of the armed services for increasingly costly weapons systems with different levels of performance … More ECONOMICS OF EDUCATION: What is the cost-effectiveness? How does it impact the teaching-learning process?8b iii).

ECONOMICS OF EDUCATION: What is the Cost Effective Analysis (CEA) and what is its application in today’s teaching environment?8b iv).

CHAPTER 8 METHODOLOGIES OF EDUCATIONAL PLANNING 8b iv). Discuss the Cost Effective Analysis (CEA) and its application in today’s teaching environment. Cost Effective Analysis (CEA) consists of three steps: The costs of the alternatives must be carefully measured, e.g. expenditure on teacher salaries, books and learning materials in each school type. The outcomes or educational … More ECONOMICS OF EDUCATION: What is the Cost Effective Analysis (CEA) and what is its application in today’s teaching environment?8b iv).