Chapter 17: The Economics of Education
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Last updated 4:23 AM on 11/27/22
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5 Terms
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Nonmonetary compensation
things like employer- paid retirement benefits, health insurance, life insurance, and long· term disability insurance.
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Human capital
________ is the acquired skills and knowledge that make you more productive.
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As educational attainment expands, the positive externality from education becomes
smaller because the reduction in crime and increases in social stability are greater for completing lower levels of education than for completing higher levels of education.
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The direct costs of education include
tuition, fees, books, supplies, and other items necessary to attend school.
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Proposals for education reform include
school choice programs, raising teachers' pay, and instituting merit-based rather than seniority-based pay systems.
