Economics of Education

Economics is a social science that studies how society chooses to allocate its scarce resources, which have alternative uses, to provide goods and services for present and future consumption. Economics as a social science subject concerns itself with making choices and finding alternatives. It studies how society decides what, how and for whom to produce goods and services. Robbins defined Economics as a social science subject that studies human behavior as a relationship between ends and scarce means which have alternative uses.Meaning and Scope of Economics of Education : Economics of Education as an area of study cannot be said to be a separate field of inquiry that is totally different from the ordinary economics. Economics of Education is the application of Economic principles, concepts, laws to the process of Education. Economics of education studies human behaviour (in terms of human decisions), action(s) and reaction(s)) about schooling (Babalola, 2003).It further looks into how human behaviour affects economic development. Economics of education is one of the branches of ordinary economics, though, it is the study of how educational managers make official.