Education · Economics of Education
In educational finance, which of the following concepts is correctly matched with its definition?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Social Cost - The direct personal expenditure incurred only by the student's immediate family.
- 2Variable Cost - Capital expenditure on purchasing land and constructing new school buildings.
- 3Opportunity Cost - The potential earnings or benefits foregone by an individual while pursuing education instead of working.✓
- 4Fixed Cost - Expenses that vary directly with student enrollment, such as school notebooks and personal supplies.
Correct answer
Opportunity Cost - The potential earnings or benefits foregone by an individual while pursuing education instead of working.
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