Economics of Education
- Education
- 800 level
- 2 credit units
- 104 pages
- 15 units
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.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Basic
- Content
- Theoretical
- Practical work
- No
- Assignments
- Tutor marked assessments
- Final examination
What you'll read
The real module and unit structure of EDA832, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
EDA832 · UNIT 1 GENERAL CONCEPTUALIZATION OF ECOMICS OF EDUCATION
Overall, it is evident that the scope of economics of education embraces all aspect of economics that describe, explain and justify investments in education. It therefore contains all the various economic considerations which bear (or should bear) on education.
What you should be able to do
- Explain the content of economics of education
- Discuss the relationship between education and the economy
- Identify ways education contributes to economic growth
- Explain the concept of human capital
- Discuss the rationale for cost analysis in education
What it prepares you for
- Educational Planner
- Education Economist
- Policy Analyst
- Education Administrator
- Researcher
- Government
- Education Sector
- Research Institutions
- International Development
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Efficiency and Demand
Unit 2: Measuring Efficiency in the Educational System
Requires understanding of complex statistical methods for measuring educational outcomes and relating them to resource inputs, which demands strong quantitative skills.
- Module 3: Efficiency and Demand
Unit 3: Efficiency and Wastage in Education
Involves analyzing multiple factors contributing to wastage, including socio-economic and institutional aspects, making it challenging to identify effective intervention strategies.
A suggested way through it
13 weeks, about 44 hours in total. Yours will differ.
- Week 1Module 1: Introduction
Unit 1: General Conceptualization of Economics of Education · 3 hours
Define economics of education. Explain its scope. Discuss reasons for its neglect. Justify its importance.
- Week 2Module 1: Introduction
Unit 2: Relationship Between Education and Economy · 3 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 3Module 1: Introduction
Unit 3: Education, Economic Growth and National Development · 3 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 4Module 1: Introduction
Unit 4: Education and Human Capital (Resource) Development · 4 hours
Explain the concept of human capital. Compare human capital with physical capital. Discuss problems and solutions related to human capital development.
- Week 5Module 1: Introduction
Unit 5: Education and Employment · 3 hours
Define education and employment. Discuss employment in educational institutions. Identify reasons for unemployment in Nigeria.
- Week 6Module 2: Cost and Investment
Unit 1: Cost Analysis in Education · 3 hours
Explain the concept of cost in education. Categorize education costs. Discuss the rationale for cost analysis.
- Week 7Module 2: Cost and Investment
Unit 2: Education - Consumption or Investment · 3 hours
Explain economic concepts like production, consumption, savings, and investment. Describe education as consumption. Explain education as investment.
- Week 8Module 2: Cost and Investment
Unit 3: Factors Influencing Cost of Education · 2 hours
List factors influencing costs in education. Discuss the demand for education and teacher force. Analyze operation techniques and institutional variables.
- Week 9Module 2: Cost and Investment
Unit 4: Cost Benefit Analysis · 2 hours
Define cost-benefit analysis. Explain the cost-benefit concept in education. Discuss the advantages of cost-benefit analysis.
- Week 10Module 2: Cost and Investment
Unit 5: Measurement of Benefits from Education · 2 hours
Discuss economic benefits of investment in education. State non-economic benefits. Analyze methods of collecting data on earnings.
- Week 11Module 3: Efficiency and Demand
Unit 1: Methodological Problems and Promise of Cost Benefit Analysis · 3 hours
State methodological problems of cost-benefit analysis. Discuss the promises of cost-benefit analysis.
- Week 12Module 3: Efficiency and Demand
Unit 2: Measuring Efficiency in the Educational System · 3 hours
Define efficiency. Identify types of efficiency. Differentiate between efficiency and effectiveness.
Unit 3: Efficiency and Wastage in Education · 3 hours
Define wastage in education. State causes of wastage. Discuss ways of reducing educational wastage.
- Week 13Module 3: Efficiency and Demand
Unit 4: Determinants of Education Demand · 3 hours
Define demand in economic terms. List determinants of education demand. Discuss each determinant.
Unit 5: Social Demand for Education · 4 hours
Explain social demand for education. Discuss policies for redressing education demand-supply gap.
Preparing for the exam
- Create concept maps linking Modules 1-3 to show relationships between economics, education, and national development.
- Practice applying cost-benefit analysis techniques from Module 2 to real-world education projects.
- Review key definitions and concepts from each unit weekly to reinforce understanding.
- Focus on understanding the factors influencing educational demand from Unit 4 and their implications.
- Prepare detailed summaries of each unit, highlighting key arguments and supporting evidence.
Questions students ask about this course
What is EDA832 about?
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.
How many units does EDA832 have?
EDA832, Economics of Education, has 15 units across 3 modules, over 104 pages of course material. You can read it one unit at a time.
How many credit units is EDA832?
EDA832 carries 2 credit units, at 800 level in Education.
Is EDA832 hard?
EDA832 is rated intermediate level, with basic mathematical content. It is mostly theoretical work.
How long does EDA832 take to study?
About 156 hours of study, spread across its 15 units.
How is EDA832 assessed?
EDA832 is assessed by assignments, tutor marked assessments and final examination.
What can I do with EDA832?
Educational Planner, Education Economist, Policy Analyst, Education Administrator and Researcher.