For the private, the process of being educated is the process of enjoying learning. With the help of education, people get more than they expect, especially the sublimation of spirit. Moreover, it is a method to accumulate human capital. Human capital is a stock of knowledge, skills and creativity. Students develop their comprehensive skills through education, increasing their competitiveness in labor market. Usually, high-educated people have high production capacity as well as higher expected earnings in work, they also have more creative ideas, making contributions to high technology and pharmaceutics. For the social, private human capitals can contribution to the national economic performance and international competitiveness of economy.
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It include race, class ,ability, different learning conditions and styles, ethnicity, age, gender, sexual orientation, religion, nationality and other dimensions that make up the identity of the individual student and impact his or her learning experience. Thus, diversity needs to be taken seriously by educators. It is the only way to make sure that students of all backgrounds are not excluded or marginalized due to their unique needs and learning styles, but are instead supported by the education system and receive an education that helps them reach their fullest potential. Schools provide a social setting in which students can learn ways to deal with socio-cultural differences. (UNESCO, 2011) .We are living in the global age and a multi- cultural society where made up of people from various backgrounds and races so there are an increase in immigrants, international trades etc. In order to adapt to this society, people have to learn how to understand each other’s differences through schooling. For example, especially Finnish education system is that the government provide full support about education expenditures such as school meals, text books and health care from pre-primary to tertiary level. This helps students to focus on study regardless of parent’s economic situation. Also there is little sexual discrimination in Finland compared to other countries because they not only teaching that …show more content…
Market failure occurs whenever the market system is not providing an optimum choice and efficient allocation of resources. Based on the essence of merit goods, there would be under provision and under consumption without the government intervene. According to the graph, If left to individuals, the market equilibrium would be at point A, where the MPC=MPB, at which Q quantity of education would be consumed at a price P. This equilibrium is in disagreement with society. The social optimal equilibrium is at point B, where the MSC=MSB, at which Q1 quantity of cigarettes is consumed at a price P4. So, we can see that if left to the private market, education would be under consumed. The shaded triangle ABC depicts the welfare loss to society of the private market equilibrium. Basically, one reason for under provision is that individuals lack perfect information and find it difficult to make rational decisions when costs occur today but the benefits received only come in, thirty years’ time( Anderton, A.2008). Obviously the benefits from consuming education is long-term because students cannot transform to advanced human capitals as soon as they register in the school. Secondly, there are significant positive externalities present. Private sectors always ignore the positive externalities because they make profits from direct consumers rather than third-party beneficiary. This purpose conflicts with the
It include race, class ,ability, different learning conditions and styles, ethnicity, age, gender, sexual orientation, religion, nationality and other dimensions that make up the identity of the individual student and impact his or her learning experience. Thus, diversity needs to be taken seriously by educators. It is the only way to make sure that students of all backgrounds are not excluded or marginalized due to their unique needs and learning styles, but are instead supported by the education system and receive an education that helps them reach their fullest potential. Schools provide a social setting in which students can learn ways to deal with socio-cultural differences. (UNESCO, 2011) .We are living in the global age and a multi- cultural society where made up of people from various backgrounds and races so there are an increase in immigrants, international trades etc. In order to adapt to this society, people have to learn how to understand each other’s differences through schooling. For example, especially Finnish education system is that the government provide full support about education expenditures such as school meals, text books and health care from pre-primary to tertiary level. This helps students to focus on study regardless of parent’s economic situation. Also there is little sexual discrimination in Finland compared to other countries because they not only teaching that …show more content…
Market failure occurs whenever the market system is not providing an optimum choice and efficient allocation of resources. Based on the essence of merit goods, there would be under provision and under consumption without the government intervene. According to the graph, If left to individuals, the market equilibrium would be at point A, where the MPC=MPB, at which Q quantity of education would be consumed at a price P. This equilibrium is in disagreement with society. The social optimal equilibrium is at point B, where the MSC=MSB, at which Q1 quantity of cigarettes is consumed at a price P4. So, we can see that if left to the private market, education would be under consumed. The shaded triangle ABC depicts the welfare loss to society of the private market equilibrium. Basically, one reason for under provision is that individuals lack perfect information and find it difficult to make rational decisions when costs occur today but the benefits received only come in, thirty years’ time( Anderton, A.2008). Obviously the benefits from consuming education is long-term because students cannot transform to advanced human capitals as soon as they register in the school. Secondly, there are significant positive externalities present. Private sectors always ignore the positive externalities because they make profits from direct consumers rather than third-party beneficiary. This purpose conflicts with the