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?
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?
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?