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