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A merit good can be defined as a good which would be under-consumed (and under-produced) by a free market economy, due to two main reasons: When consumed, a merit good creates positive externalities (an externality being a third party/spill-over effect of the consumption or production of the good/service). This means that there is a divergence ...
Education economics or the economics of education is the study of economic issues relating to education, including the demand for education, the financing and provision of education, and the comparative efficiency of various educational programs and policies. From early works on the relationship between schooling and labor market outcomes for ...
Meritocracy (merit, from Latin mereō, and -cracy, from Ancient Greek κράτος kratos 'strength, power') is the notion of a political system in which economic goods or political power are vested in individual people based on ability and talent, rather than wealth or social class. [1]
The right to education has been recognized as a human right in a number of international conventions, including the International Covenant on Economic, Social and Cultural Rights which recognizes a right to free, primary education for all, an obligation to develop secondary education accessible to all with the progressive introduction of free secondary education, as well as an obligation to ...
The precise definition of education is disputed, and there are disagreements about the aims of education and the extent to which education differs from indoctrination by fostering critical thinking. These disagreements impact how to identify, measure, and enhance various forms of education.
A good in economics is any object, service or right that increases utility, directly or indirectly. A good that cannot be used by consumers directly, such as an "office building" or "capital equipment", can also be referred to as a good as an indirect source of utility through resale value or as a source of income.
Akarowhe found that Economics Education can be seen as a process, science and product: [2] as a process - economics education involves a time phase of inculcating the needed skills and values on the learners, in other words, it entails the preparation of learners for would-be-economics educator (teachers) and disseminating of valuable economics information on learners in other for them to ...
Educational equity, also known as equity in education, is a measure of equity in education. [1] Educational equity depends on two main factors. The first is distributive justice, which implies that factors specific to one's personal conditions should not interfere with the potential of academic success.