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  • Economics of Education: By: Dominic Jason Evalyn Sabug Kathlyn Joyce Sumang

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    Economists view education as both a consumption good and an investment good. As a consumption good, education provides enjoyment and social benefits but also costs such as tuition and opportunity costs of time. As an investment good, education leads to higher future earnings potential through increased wages, employment opportunities, and career advancement. The K-12 program in the Philippines aims to provide students with comprehensive basic education to prepare them for further education and employment, but it also faces challenges implementing such as poverty, teacher training, student interest, insufficient funding, and employment prospects for graduates.

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    Economists view education as both a consumption good and an investment good. As a consumption good, education provides enjoyment and social benefits but also costs such as tuition and opportunity costs of time. As an investment good, education leads to higher future earnings potential through increased wages, employment opportunities, and career advancement. The K-12 program in the Philippines aims to provide students with comprehensive basic education to prepare them for further education and employment, but it also faces challenges implementing such as poverty, teacher training, student interest, insufficient funding, and employment prospects for graduates.

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    14 views7 pages

    Economics of Education: By: Dominic Jason Evalyn Sabug Kathlyn Joyce Sumang

    Uploaded by

    Kathlyn Joyce Sumang
    Economists view education as both a consumption good and an investment good. As a consumption good, education provides enjoyment and social benefits but also costs such as tuition and opportunity costs of time. As an investment good, education leads to higher future earnings potential through increased wages, employment opportunities, and career advancement. The K-12 program in the Philippines aims to provide students with comprehensive basic education to prepare them for further education and employment, but it also faces challenges implementing such as poverty, teacher training, student interest, insufficient funding, and employment prospects for graduates.

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    of 7

    Economics of Education

    By:
    Dominic Jason
    Evalyn Sabug
    Kathlyn Joyce Sumang
    Economics and Education

     Economists’ focus on two areas:


    For its own sake – a consumption good
    For its delayed earnings benefits – an investment good
    Education as a consumption good

     Benefits (increase utility):


     Enjoyment of learning
     Social life
     Costs (decrease utility):
     Price of course
     Effort of studying
     Opportunity costs – what else could you be doing with your time or spending your money on?
    Education as an investment good

    Some of the benefits to education arise after the course


    has been completed
    Higher wages
    Greater chance of employment
    Better jobs (non-monetary in work rewards)
    K to 12 program

     Covers Kindergarten and 12 years of basic education (six years of primary


    education, four years of Junior High School, and two years of Senior High School
    [SHS]) to provide sufficient time for mastery of concepts and skills, develop
    lifelong learners, and prepare graduates for tertiary education, middle-level skills
    development, employment, and entrepreneurship.
    Advantages of k to 12

     Employment
     Entrepreneurship
     Higher level of education
     Preparedness for tertiary learning
     Readiness to join the workforce
     Skill competency in the global job market
    Disadvantages of k to 12

     Poverty
     Teacher's training and interest
     Student's interest to study
     Budget for k to 12 is insufficient
     If a college graduate can't find a job easily, how can a k to 12 graduate can get a job
    easily?

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