Why is education regarded as both a consumer good and an economic good?
It is regarded as consumer good because
- Education is an economic good since it satisfies human wants.
- It helps develop one’s mental abilities once attained
- It has uncertainties such as failing examinations
It is regarded as economic good
- It is scarce
- It command price in form of school and other school fees requirements
- It has an opportunity cost i.e. present levels of consumption is foregone to attain education
CATEGORIES Economics
TAGS Dr. Bbosa Science