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NATIONAL OPEN UNIVERSITY OF NIGERIA
SCHOOL OF EDUCATION
COURSE CODE: EDA832
COURSE TITLE: ECONOMICS OF EDUCATION
EDA 832 ECONOMICS OF
EDUCATION
CONTENTS
Introduction
Learning Outcomes: Aims and Objectives
Course Requirements
Assignment File
Information and Assessment
Final Examination and Grading
Course Overview
Strategies for Studying the Course
Summary
Information for Further Readings
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EDA 832 ECONOMICS OF
EDUCATION
INTRODUCTION
This course is designed to acquaint you with the meaning and content of economics
of education. It presents the relationship between education and the economy and
identifies the major ways education contributes to economic growth. The course
explains the concept of human capital and explores the differences between human
capital and physical capital. The course treats the concept of education as
consumption and investment; it discusses employment in educational institutions and
identifies the reasons for the large measure of unemployment in Nigeria. The
concept of cost is explained; education costs categorized and the rationale for cost
analysis in education discussed. The factors influencing education costs are
discussed followed by discussion of the meaning and advantages of cost benefit
analysis. The economic and non-economic benefits of education are also examined.
This is followed by the methodological problems and promise of cost benefit
analysis. The course also looks at efficiency and wastage in education. The
determinants of education demand is discussed followed by social demand for
education in Nigeria.
LEARNING OUTCOMES: AIMS AND OBJECTIVES
It is expected that after reading through this course, you should be able to:
1. List and explain the content of economics of education.
2. Discuss how education is related to the economy.
3. Identify three major ways education contributes to economic growth.
4. Explain the concept of human capital.
5. Discuss the problems and solutions to issues related to human capital
development.
6. Identify the reasons for the large measure of unemployment in Nigeria.
7. Discuss the rationale for cost analysis in education.
8. Explain how education is investment.
9. Discuss the factors influencing costs in education.
10. Explain what cost benefit concept in education entails.
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EDA 832 ECONOMICS OF
EDUCATION
11. Discuss the economic and non-economic benefits of investment.
12. Discuss the promises of cost benefit analysis.
COURSE REQUIREMENTS
This course material is of 15 study units
ASSIGNMENT FILE
The Assignment file will be given to you in due course by the course tutor. In this
file, you will find all the details of the work you will submit to your tutor for
marking. The marks you obtain from these assignments will count towards the final
mark you obtain for this course. Further information on assignments will be found in
the assignment file.
There are five assignments in this course. These include;
1. Give reasons for the long neglect of economics of education and justify the
need for the study.
2. Discuss ways in which education is influenced by the economy.
3. Categories education costs into types and discuss the rationale for cost
analysis in education.
4. What factors influence cost of education.
5. Discuss the advantages of cost benefit analysis.
6. State the differences between the terms efficiency and effectiveness and
discuss ways of reducing educational wastage.
INFORMATION AND ASSESSMENT
There are two aspects of the assessment of this course. First, are the tutor marked
assignments and second is a written examination. In tackling the assignment, you
are expected to apply information, knowledge and techniques gathered during the
course. The assignments must be submitted to your tutor for formal assessment.
The work you submit to your tutor for assessments will count for 40% of your total
course work.
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