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Economics of education is the process by which education is produced and distributed in the society and how much should be invested in education by the society and individuals. Education uses resources of human and material that are limited hence choices have to be made on which level of education to expand more and on which programmes of education to invest more. For this reason, it’s necessary to subject education to economic tools of analysis so as to make the best investment choices.
- Economics of education can therefore be defined as the application of economic tools of analysis to the development of education in a country. These tools include;
1) Cost – benefit analysis
2) Cost efficiency analysis
3) Internal and external efficiency
- These tools enable economists to evaluate investment choices and thus offer rational guidelines on how best to allocate limited resources in the educational sector.
Kavungya answered the question on April 3, 2019 at 05:45
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