Undoubtedly, education can be seen as a commodity like any other product and is subject to economic forces. Therefore, holding its price below equilibrium will imply that the demand will be higher than what would have been the case under market conditions. Consequently, there will be more people wishing to attend universities than the system can comfortably handle. However, the lack of the amount of funding that the state provides will imply that the institutions of higher learning will be overstretched and cannot handle the influx of students (Carnoy & Wang, 2013). Therefore, the colleges would have to come up with a way of rationing the slots available to admit a number of students that they can comfortably handle. Another possible implication
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While its most obvious benefits are health-related ones, it nonetheless has a host of economic advantages. First, the opportunity cost of not administering the vaccine would be the incremental expenses that individuals and the government would incur while treating cases of flu. Therefore, vaccinating people implies that there will be savings made from not having to treat patients who contract the flu. Secondly, a healthy population is imperative for optimal productivity and performance of economic activities. Undoubtedly, it is not possible to have people working properly if they become ill or feel unwell. Therefore, the vaccines aid in maintaining productivity and ensuring that there are no distractions to various economic …show more content…
Apart from funding the production process, the state has enough capabilities to determine how the distribution of the vaccines should take place to achieve maximum results. For example, the government could decide to target some of the regions in the country that may be more affected than the rest, hence requiring more urgent attention. Ultimately, that is only possible due to the nature and extent of the resources that the state has since it is not comparable to any private organization (Geuss, 2009). Moreover, the state would be in a position to roll out the vaccination program simultaneously across the nation and reach every person since it has the capacity to do so. However, non- governmental players may not have such capabilities; hence, they may end up focusing only on some of country’s regions.
Public and Private Goods Ultimately, a public good is something that is accessible to all citizens such as public schools and hospitals (Geuss, 2009). On the other hand, a private good is not available to all and may only be accessible after paying a price (Geuss, 2009). Examples of private goods include cable television and
While its most obvious benefits are health-related ones, it nonetheless has a host of economic advantages. First, the opportunity cost of not administering the vaccine would be the incremental expenses that individuals and the government would incur while treating cases of flu. Therefore, vaccinating people implies that there will be savings made from not having to treat patients who contract the flu. Secondly, a healthy population is imperative for optimal productivity and performance of economic activities. Undoubtedly, it is not possible to have people working properly if they become ill or feel unwell. Therefore, the vaccines aid in maintaining productivity and ensuring that there are no distractions to various economic …show more content…
Apart from funding the production process, the state has enough capabilities to determine how the distribution of the vaccines should take place to achieve maximum results. For example, the government could decide to target some of the regions in the country that may be more affected than the rest, hence requiring more urgent attention. Ultimately, that is only possible due to the nature and extent of the resources that the state has since it is not comparable to any private organization (Geuss, 2009). Moreover, the state would be in a position to roll out the vaccination program simultaneously across the nation and reach every person since it has the capacity to do so. However, non- governmental players may not have such capabilities; hence, they may end up focusing only on some of country’s regions.
Public and Private Goods Ultimately, a public good is something that is accessible to all citizens such as public schools and hospitals (Geuss, 2009). On the other hand, a private good is not available to all and may only be accessible after paying a price (Geuss, 2009). Examples of private goods include cable television and