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57 Cards in this Set
- Front
- Back
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Money corrected for inflation; used to compare dollars from then and now.
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Constant Dollars
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Gas in 1981 was $1.42 per gallon, adjusted for inflation that would be $3.04 today. This is an example of what?
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Constant Dollars
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Actual amount of dollars.
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Current Dollars
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The institution that gets the most federal dollars for research.
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John Hopkins
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The actual cost of something plus the cost foregone in favor of the alternative choice made.
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Opportunity Cost
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Weighing the costs, both actual and opportunity, with benefit for higher education, the benefit is usually considered a future benefit.
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Cost-Benfit Analysis
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The relationship between the quantity of a good that is demanded and its price. It involves both the desire and the ability to pay for the good.
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Demand
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Price and Quantity relationship in the Demand Curve.
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The Price goes up the Demand goes down
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The amount of a product a seller would like to sell at a given price. The higher the price the higher the supply or willingness to sell.
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Supply
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Relationship of price, quantity, and demand on the Supply Curve.
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Higher the price the higher the quantity, but the lower the demand
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The price where the supply and demand equal each other.
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Equilibrium Price or Market Price
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A law that sets the prices below the market price or equilibrium.
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Price Ceiling
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Rent control is an example of this.
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Price Ceiling
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Setting Price ceilings causes this because the demand far exceeds the supply.
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Shortage
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A law that sets prices above the market price or equilibrium.
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Price Floor
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The result of a Price Floor is a what; due to the supply exceeding the demand.
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Surplus
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Minimum wage laws and Farm subsidies are example of this.
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Price Floor
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Refers to obtaining a product regardless of the what the price is.
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Demand Inelasticity with respect to price
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Refers to obtaining a good, but making a choice based on the price; example would be going to college but choosing based on cost.
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Demand Elasticity based on Price
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This type of demand deals with attendance.
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Inelastic
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This type of demand deals with where to attend college.
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Elastic
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I am going to college regardless of costs is an example of this type of Demand.
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Inelastic
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I am going to college at ICC versus Ole Miss is a type of this Demand.
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Elastic
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This type of cost tends not to change much; rent, electricity, insurance etc.
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Fixed Costs
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This type of cost can change; faculty and staff costs, and equipment.
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Variable Costs
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Fixed costs plus the Variable costs equal what? (fc + vc = )
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Total Costs
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This is the cost for each student added over the base costs (salaries, etc.)
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Marginal Costs
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What are the goals of all educational institutions?
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1. Excellence
2. Prestiege 3. Influence |
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The Laws of Cost from Bowen.
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1. Goals of education are excellence, prestiege, and influence.
2. No limit on the amount of money to spend on the above. 3. Institutions raise as much money as possible. 4. Institutions spends as much as they can. 5. The first four create ever increasing expenditures |
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Sources of financing for Public institutions.
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Tuition, Taxes, Alumni, legislature, endowments, research grants
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Money corrected for inflation; used to compare dollars from then and now.
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Constant Dollars
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|
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Gas in 1981 was $1.42 per gallon, adjusted for inflation that would be $3.04 today. This is an example of what?
|
Constant Dollars
|
|
|
Actual amount of dollars.
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Current Dollars
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The institution that gets the most federal dollars for research.
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John Hopkins
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The actual cost of something plus the cost foregone in favor of the alternative choice made.
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Opportunity Cost
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Weighing the costs, both actual and opportunity, with benefit for higher education, the benefit is usually considered a future benefit.
|
Cost-Benfit Analysis
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|
|
The relationship between the quantity of a good that is demanded and its price. It involves both the desire and the ability to pay for the good.
|
Demand
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Price and Quantity relationship in the Demand Curve.
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The Price goes up the Demand goes down
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The amount of a product a seller would like to sell at a given price. The higher the price the higher the supply or willingness to sell.
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Supply
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Relationship of price, quantity, and demand on the Supply Curve.
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Higher the price the higher the quantity, but the lower the demand
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The price where the supply and demand equal each other.
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Equilibrium Price or Market Price
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A law that sets the prices below the market price or equilibrium.
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Price Ceiling
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Rent control is an example of this.
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Price Ceiling
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Setting Price ceilings causes this because the demand far exceeds the supply.
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Shortage
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A law that sets prices above the market price or equilibrium.
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Price Floor
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Sources of financing for Private institutions.
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Tuition, alumni, endowments, private and religious support
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Two means of setting tuition on states.
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Precedent and incremental
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Means of setting tuition based on increases by the rate of inflation.
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Precedent
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Means of setting tuition based on increases by the rate of inflation plus an extra 3 to 4%.
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Incremental
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The 3 types of financial aid grants.
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1. flat based
2. need based 3. income based |
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Type of financial aid in which everyone receives some aid.
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Flat Based
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Type of financial aid considering the income and cost of the institution.
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Need Based
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Type of financial aid Based solely on income.
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Income Based
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Which fits most public institutions; high tuition/high need or low tuition/low need.
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Low/Low
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Schools K-12 are an example of high/high or low/low?
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Low/Low
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What are the two main aspects of States (goals) when dealing with education financing?
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1. access (everyone should be able to attend.
2. Balancing the Budget (must) |
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Five main types of State funding decisions for education.
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1. Formula Funding in General
2. Marginal Cost Funding 3. Performance Funding 4. Program Funding 5. Core Funding |
