We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points.
We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable. Microeconomics: The Power of Markets. Enroll for Free. This Course Video Transcript. From the lesson The Concept of Scarcity Where do markets come from? The idea is that Opportunity Cost is vital in ensuring the correct allocation of scarce resources. However it is not just restricted to the monetary value alone and applies to the opportunities and the benefits of the alternatives.
So why is this relevant to Higher Education? Well, the sector faces some stark choices in relation to their estates. And during the eighties this forgone income, unlike tuition, did not rise in real terms. Therefore, even a 39 percent increase in real tuition costs translated into an increase of just 10 percent in the total cost to students of a college education.
The fact that the vast majority of goods are scarce, not free, leads directly to tradeoffs. If we want more of something, we have to give up some of something else. If you want more leisure time, you have to give up some income.
If you want the latest, biggest flat-screen television set, then you would have to give up spending the money on something else or you would have to save less. There are always tradeoffs. Econlib, Apr. Finally, sleep does come. Raising awareness on the value of education. Provide income-generating activities for families. Ministries of Education and other stakeholders —such as non-governmental organizations— may provide economic support to families through income-generating activities, in order to help alleviate resource constraints that prevent families from sending children to school.
Although pertinent in some contexts, the following aspects should be kept in mind when implementing this kind of strategy:. Flexible delivery modes and double-shift schooling. Although this policy option does raise up many issues, in many cases and for many children, this might be the most realistic option to enjoy an educational opportunity.
In other contexts, where cultural particularities do not allow girls and boys to attend the same school and there is a shortage of school facilities, double-shift schooling could be a solution.
Note: much more research is needed on this subject in order to have more precise evidence on which policies effectively tackle down opportunity costs for families of children with disabilities. Ensuring a free, inclusive, quality education. Access to free, inclusive, quality public education for children with disabilities can lead to substantial economic and social returns, not only for the children with disabilities themselves and their families but for the society overall as well.
To help families of children with disabilities release the economic burden that education represents, not only national policy and laws are essential consult Policy page Barriers to school attendance , but also the financing mechanisms in place. Providing multiple resources, such as subsidizing or providing the required assistive devices for free is also a way of keeping children with disabilities in classrooms. Subsidize or provide accessible school material to all children with disabilities for free, subsidize or provide free uniforms and shoes and adjust them when needed, subsidize or provide free transportation to children with disabilities, provide school meals, and provide medical diagnosis and medical tests within the school.
Raising awareness on the value of education for children with disabilities. Negative attitudes toward disability —coming from parents, community members, schools, teachers and decision-makers— pose an enormous constraint when it comes to providing mainstream education to children with disabilities Save the Children, To counter this, promote community mobilization and public advocacy campaigns.
Help stakeholders comprehend the importance and the returns of providing quality and inclusive mainstream education to children with disabilities, as well as the significant opportunity costs which represent not educating children with disabilities WHO, An important tool to mobilize portrayals of children with disabilities, disseminate positive messages and thus tackle down stereotypes UNICEF, b.
An example of a successful campaign done in Nepal with the support of Save the Children UK, where stories of children with disabilities who accessed schools all over the country were publicized and helped raise awareness on their right to education Save the Children, Provide income-generating activities for the families of children with disabilities.
Families of children with disabilities face higher direct and opportunity costs of living. Although appropriate in some contexts, the following aspects should be kept in mind when implementing this kind of strategy:.
It is of utmost importance to guarantee large-scale implementation, so that this system is not applied solely to the most disadvantaged groups, such as children with disabilities Linden, Home School completion Access to education Educational demand Economic barriers to schooling Opportunity cost of schooling.
Contents Promising policy options Other policy options Policy options for improving Equity and Inclusion Gender-responsive policies Policies for children with disabilities Policies for displaced populations and host communities Policies for minority populations.
Table of contents. Drake, L. Global school feeding sourcebook: Lessons from 14 countries. London: Imperial College Press. Learning from experience: Good practices from 45 years of school feeding. Rome: WFP.
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