Economics and education
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1) Should a country invest in education? Why or why not? How will investment in education affect a county's production possibilities frontier in the future?
If a country should invest in education which level should get the majority of the funds? Should High Schools and Elementary Schools get the funding or should higher education? Which will have the greatest effect on the PPF? Why?
2) Should the government fund education or should it be funded privately? Why? Will the opportunity costs of each type of funding be the same or will they differ? Explain. Make sure you use economic reasoning to support your arguments.
3) Discuss the opportunity cost of educational funding. If education funding should be increased, how should the government pay for it? Should it increase taxes? If so, on who? Should it cut other programs? Which level of the government should be responsible for the additional funding, Federal, State or Local? Why?
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Solution Summary
Using the supplied questions as an outline, a discussion on economics and education, including who funds it and opportunity costs.
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1) Should a country invest in education? Why or why not? How will investment in education affect a county's production possibilities frontier in the future?
A country should not just invest in education, but also focus on it. Today the world moves fast and is much smaller, offering opportunities to people in places that previously could not access the world. Meeting new people, interacting with other cultures, spreading information now happens with a couple of clicks and a digital access. People need to be prepared and their children even more so, for the continuing advancements of the future. One can not understand the access and the power of information unless they are interested.
While not always easy, moving from agri-based societies to industrial based, took new training and some vision. The manufacturing society helped spawn the service society that goes hand in hand with manufacturing. However, the technology future will hold different societies. Standardization will give way to individualized products and services. Information will be the key to success in business. And. countries will need to work together to maintain the standard of living expected in advanced societies. Without a solid education, this is difficult.
If a country should invest in education, which level should get the majority of the funds? Should High Schools and Elementary Schools get the funding or should higher education? Which will have the greatest effect on the PPF? Why?
This investment should be spread to make the most investment to lower levels of education. Some education is better than none. The basic education should come first. Learning to ...
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