ABSTRACT
The economics of education is dedicated to seeking the most efficient use of scarce resources by studying the consequences of their mobilisation, allocation, and utilisation in the production of education. One convenient way to understand the scope of this field is to see the production of education as a process consisting of input, process, output and outcome components. In this conceptualisation, scarce inputs (such as teachers' and students' time, school facilities and instructional materials) are mobilised, allocated and transformed through a process (encompassing organisation, evaluation, instructional technology, etc.) to yield output (such as student learning) which is subsequently utilised to generate desired outcome (economic outcome such as higher earnings and more employment opportunities).
