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EDA832Education2 Unitsintermediate

Economics of Education

This course introduces the meaning and content of economics of education. It explores the relationship between education and the economy, highlighting education's contribution to economic growth. The course explains human capital, differentiating it from physical capital, and examines education as both consumption and investment. It addresses employment in educational institutions, reasons for unemployment in Nigeria, cost analysis, cost-benefit analysis, efficiency, and the determinants of education demand. It also covers social demand for education in Nigeria.

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156h
Study Time
13
Weeks
12h
Per Week
basic
Math Level
Course Keywords
Economics of EducationHuman CapitalCost-Benefit AnalysisEducation and EconomyEducational Planning

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level
Builds on foundational knowledge
65%
intermediate
➕
Math Level
Basic Math
📖
Learning Type
Theoretical Focus

Course Topics

Key areas covered in this course

1

Economics of Education

2

Human Capital Development

3

Cost Analysis

4

Cost-Benefit Analysis

5

Efficiency in Education

6

Demand for Education

7

Education and Economic Growth

Total Topics7 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Educational Planner

Apply your skills in this growing field

Education Economist

Apply your skills in this growing field

Policy Analyst

Apply your skills in this growing field

Education Administrator

Apply your skills in this growing field

Researcher

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

GovernmentEducation SectorResearch InstitutionsInternational Development

Study Schedule Beta

A structured 13-week journey through the course content

Week
1

Module 1: Introduction

3h

Unit 1: General Conceptualization of Economics of Education

3 study hours
  • •Define economics of education
  • •Explain its scope
  • •Discuss reasons for its neglect
  • •Justify its importance
Week
2

Module 1: Introduction

3h

Unit 2: Relationship Between Education and Economy

3 study hours
  • •Explain the concepts of education and economy
  • •Discuss the relationship between education and the economy
  • •Analyze the influence of the economy on education
Week
3

Module 1: Introduction

3h

Unit 3: Education, Economic Growth and National Development

3 study hours
  • •Differentiate between economic growth and national development
  • •Explain the relationship between education and economic growth
  • •Identify ways education contributes to economic growth and national development
Week
4

Module 1: Introduction

4h

Unit 4: Education and Human Capital (Resource) Development

4 study hours
  • •Explain the concept of human capital
  • •Compare human capital with physical capital
  • •Discuss problems and solutions related to human capital development
Week
5

Module 1: Introduction

3h

Unit 5: Education and Employment

3 study hours
  • •Define education and employment
  • •Discuss employment in educational institutions
  • •Identify reasons for unemployment in Nigeria
Week
6

Module 2: Cost and Investment

3h

Unit 1: Cost Analysis in Education

3 study hours
  • •Explain the concept of cost in education
  • •Categorize education costs
  • •Discuss the rationale for cost analysis
Week
7

Module 2: Cost and Investment

3h

Unit 2: Education - Consumption or Investment

3 study hours
  • •Explain economic concepts like production, consumption, savings, and investment
  • •Describe education as consumption
  • •Explain education as investment
Week
8

Module 2: Cost and Investment

2h

Unit 3: Factors Influencing Cost of Education

2 study hours
  • •List factors influencing costs in education
  • •Discuss the demand for education and teacher force
  • •Analyze operation techniques and institutional variables
Week
9

Module 2: Cost and Investment

2h

Unit 4: Cost Benefit Analysis

2 study hours
  • •Define cost-benefit analysis
  • •Explain the cost-benefit concept in education
  • •Discuss the advantages of cost-benefit analysis
Week
10

Module 2: Cost and Investment

2h

Unit 5: Measurement of Benefits from Education

2 study hours
  • •Discuss economic benefits of investment in education
  • •State non-economic benefits
  • •Analyze methods of collecting data on earnings
Week
11

Module 3: Efficiency and Demand

3h

Unit 1: Methodological Problems and Promise of Cost Benefit Analysis

3 study hours
  • •State methodological problems of cost-benefit analysis
  • •Discuss the promises of cost-benefit analysis
Week
12

Module 3: Efficiency and Demand

6h

Unit 2: Measuring Efficiency in the Educational System

3 study hours
  • •Define efficiency
  • •Identify types of efficiency
  • •Differentiate between efficiency and effectiveness

Unit 3: Efficiency and Wastage in Education

3 study hours
  • •Define wastage in education
  • •State causes of wastage
  • •Discuss ways of reducing educational wastage
Week
13

Module 3: Efficiency and Demand

7h

Unit 4: Determinants of Education Demand

3 study hours
  • •Define demand in economic terms
  • •List determinants of education demand
  • •Discuss each determinant

Unit 5: Social Demand for Education

4 study hours
  • •Explain social demand for education
  • •Discuss policies for redressing education demand-supply gap

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Modules 1-3 to show relationships between economics, education, and national development.

2

Practice applying cost-benefit analysis techniques from Module 2 to real-world education projects.

3

Review key definitions and concepts from each unit weekly to reinforce understanding.

4

Focus on understanding the factors influencing educational demand from Unit 4 and their implications.

5

Prepare detailed summaries of each unit, highlighting key arguments and supporting evidence.

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