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Lecture Introduction to economics: Social issues and economic thinking: Chapter 17 - Wendy A. Stock

Chapter 17 - The economics of education. After completing this unit, you should be able to: Describe the level and changes in educational attainment over time, describe the costs and benefits of education, define human capital, | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 17 The Economics of Education Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©Catherine Yeulet/iStockphoto 1 Describe the level and changes in educational attainment over time Describe the costs and benefits of education Define human capital Model the positive externalities associated with education Evaluate why some education is publicly provided Describe some of the issues surrounding education reform Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 Copyright © 2013 John Wiley & Sons, Inc. 3 Educational Attainment of U.S. Population 3 The costs of education include opportunity costs and direct costs. Opportunity costs: the opportunity costs of education are measured as the value of foregone earnings, since time spent in school could have instead been spent working. Direct costs: tuition, fees, books, supplies, and other items necessary to attend school Copyright © 2013 John Wiley & Sons, Inc. 4 Costs of Education 4 Copyright © 2013 John Wiley & Sons, Inc. 5 Costs of Education 5 Marginal costs of education are the incremental costs associated with obtaining an additional year of education. Copyright © 2013 John Wiley & Sons, Inc. 6 Marginal Costs of Education 6 The Benefits of Education include: Job opportunities, pay, health Human Capital: The acquired skills and knowledge that make people more productive. Copyright © 2013 John Wiley & Sons, Inc. 7 Benefits of Education 7 Private Marginal Costs are marginal costs that accrue only to the producers of a good or service. Social Marginal Costs are marginal costs that accrue to society as a whole. MC social = MC private + Negative Externality Copyright © 2013 John Wiley & Sons, Inc. 8 Impacts of power generation 8 Copyright © 2013 John Wiley & Sons, Inc. 9 Benefits of Education 9 Copyright © 2013 John Wiley & Sons, Inc. 10 Benefits of Education . | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 17 The Economics of Education Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©Catherine Yeulet/iStockphoto 1 Describe the level and changes in educational attainment over time Describe the costs and benefits of education Define human capital Model the positive externalities associated with education Evaluate why some education is publicly provided Describe some of the issues surrounding education reform Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 Copyright © 2013 John Wiley & Sons, Inc. 3 Educational Attainment of U.S. Population 3 The costs of education include opportunity costs and direct costs. Opportunity costs: the opportunity costs of education are measured as the value of foregone earnings, since time spent in school could have instead been spent working. Direct costs: tuition, fees, books, supplies,