Why education is considered as an investment?
Education is considered as an investment in human capital. Human capital can be described as the knowledge, abilities and skills of an individual, acquired through education, training and experience, which help the latter to be more productive and thus improve his potential income earning.Click to see full answer. Beside this, why is education an economic…
Education is considered as an investment in human capital. Human capital can be described as the knowledge, abilities and skills of an individual, acquired through education, training and experience, which help the latter to be more productive and thus improve his potential income earning.Click to see full answer. Beside this, why is education an economic good?Education enriches people’s understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society. In addition it plays a very crucial role in securing economic and social progress and improving income distribution.Likewise, is education a consumption or an investment? Education can be viewed as consumption, as investment and as consumption and investment are complementary. Education as consumption is education as a fundamental human right. Or is one of the democratic rights of every citizen. So until a certain level of procurement should be done by the government. Correspondingly, what is education considered? Education is the process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits. Education can take place in formal or informal settings and any experience that has a formative effect on the way one thinks, feels, or acts may be considered educational.Is education a luxury good?Even for upper-middle-class families it is fairly low-cost. Demand for these “goods” should therefore exhibit relatively low elasticity. But it seems that education at the vast majority of private, four-year colleges is a luxury good and will be hard-hit by this recession.
