Understanding the Main Things That Affect the Cost of Education

The cost of education varies a great deal from one place to another. Even within the same place, the cost of education can vary considerably, from course to course, and from institution to institution. We venture to look at the main things that affect the cost of education.

The first thing that affects the cost of education is government policy on the same. This is where, for instance, you may have the government subsidizing education: leading to a situation where the cost of education ends up being very low.

The second thing that affects the cost of education is demand. This is how we end up with courses that are in great demand costing more than courses whose demand is low.

The third thing that affects the cost of education is the nature of education in question. This is how end up with high quality educational generally costing more than low quality education. That is because high quality education costs more to provide (in terms of the necessary inputs) than low quality education, whose provision may only require a teacher and a textbook.

The fourth thing that affects the cost of education is the nature of the general economy. In advanced economies, where things are generally expensive, we tend to have a situation where education too turns out to be fairly expensive.

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