JARAMOGI OGINGA ODINGA UNIVERSITY

OF
SCIENCE AND TECHNOLOGY

BACHELOR OF EDUCATION SCIENCCE WITH IT

UNIT TITLE: PLANNING AND ECONOMICS OF EDUCATION

UNIT CODE: ECB 2402

GROUP MEMBERS

NAMES REGISTRATION NO SIGNATURE

GILBEERT KIBET RONOH ED/0495/2019
KIPNGETICH CHERUIYOT ED/0622/2019
Q37) a. What do we mean by Economic Growth and Economic Development?

Economic Growth - It means an increase in real income or national output.

Economic Development - It means an improvement in the quality of life and living standards e.g
measures of literacy, life expectancy and health care.

b. Discuss the factors contributing to economic growth.

i)Human Resource.

Refers to one of the most important determinant of economic growth of a country. The quality
and quantity of available human resource can directly affect the growth of an economy.

The quality of human resource is dependent on its skills, creative abilities, training, and
education. If the human resource of a country is well skilled and trained then the output would
also be of high quality.

On the other hand, a shortage of skilled labor hampers the growth of an economy, whereas
surplus of labor is of lesser significance to economic growth. Therefore, the human resources of
a country should be adequate in number with required skills and abilities, so that economic
growth can be achieved.

Ii) Natural Resources:

Affect the economic growth of a country to a large extent. Natural resources involve resources
that are produced by nature either on the land or beneath the land. The resources on land
include plants, water resources and landscape.

The resources beneath the land or underground resources include oil, natural gas, metals, non-
metals, and minerals. The natural resources of a country depend on the climatic and
environmental conditions. Countries having plenty of natural resources enjoy good growth than
countries with small amount of natural resources.

The efficient utilization or exploitation of natural resources depends on the skills and abilities of
human resource, technology used and availability of funds. A country having skilled and
educated workforce with rich natural resources takes the economy on the growth path.

The best examples of such economies are developed countries, such as United States, United
Kingdom, Germany, and France. However, there are countries that have few natural resources,
but high per capita income, such as Saudi Arabia, therefore, their economic growth is very high.
Similarly, Japan has a small geographical area and few natural resources, but achieves high
growth rate due to its efficient human resource and advanced technology.

iii) Capital Formation:

Involves land , building , machinery, power, transportation, and medium of communication.

Producing and acquiring all these manmade products is termed as capital formation. Capital
formation increases the availability of capital per worker, which further increases capital/labor
ratio. Consequently, the productivity of labor increases, which ultimately results in the increase
in output and growth of the economy.

(iv)) Technological Development:

Refers to one of the important factors that affect the growth of an economy. Technology
involves application of scientific methods and production techniques. In other
words,technology can be defined as nature and type of technical instruments used by a certain
amount of labor.

Technological development helps in increasing productivity with the limited amount of

resources. Countries that have worked in the field of technological development grow rapidly
as compared to countries that have less focus on technological development. The selection of
right technology also plays an role for the growth of an economy. On the contrary, an
inappropriate technology- results in high cost of production.

(v) Social and Political Factors:

Play a crucial role in economic growth of a country. Social factors involve customs, traditions,
values and beliefs, which contribute to the growth of an economy to a considerable extent.

For example, a society with conventional beliefs and superstitions resists the adoption of
modern ways of living. In such a case, achieving becomes difficult. Apart from this, political
factors, such as participation of government in formulating and implementing various policies,
have a major part in economic growth.
c. Drop out at primary level is hindrance to further education. Discuss the statement from
your own experience.

1. It decreases one's ability to make a career transition.

If you are ready to move into new career field, often the first step will be gaining education that
qualifies you for that new path. From nurses to teachers to accountants, many professions have
strict requirements for licensure or degrees in order to qualify. Obtaining this education will
make you prepared to move into new career. Many professios require continuing education
because they have specific training that is crucial to your success. Without this education there
is no way for you to qualify for or succeed in a position. Learning new skills through continuing
education is key to being prepared for career transition.

2. It decreases personal development.

Learning should be a lifelong process and devoting time to continuing education can be a
journey of personal development. Whether you want to learn more about a subject that you
find interesting or want some additional skills to take to your work, there are ways you can use
continuing education to your advantage. Even if your persuit for education is purely for
personal reasons, you can truly take advantage of advanced learning on your path to become a
better person.

3. It decreases one's salary.

Continuing education often leads to a raise or a higher starting salary at a new position.
Whether you will be offered a raise or promotion in your current job or will qualify for a new
job that has a better salary, continuing education will have a major benefit for your income. On
average, a college degree holder will earn twice as much as someone who doesn't have a
degree. This form of continuing education often requires you to invest in yourself,but the
payout at the end is usually well worth it.

4. It lowers one's image and marketability.

Continuing education is a valuable element to your resume. For many jobs it is a direct
qualification requirement to have a certain amount of education, but even if you meet the
minimum qualifications, additional education will make you stand out. Consider if you’re one of
several candidates up for a job. If you have additional education, you will obviously be looked at
more closely. You will stand out not only because of your additional qualifications, but
employers will recognize that you have the determination to take on a challenge—and succeed.
Employers will also recognize that you have new insights on the most current trends and skills
in your industry, as well as having additional technology experience

5. It lowers ones lifestyle.

If you are not satisfied with your current lifestyle, continuing education could be the answer to
your problems. As you spend time devoted to learning, the outcomes are positive for your
career and your overall lifestyle. Improving your career often trickles down to the rest of your
life because you’re more satisfied with your job, make more money, etc. Don’t wait to change
your life, start your continuing education path now and get ready for the lifestyle you have
wanted.

6. It decreases one's chances for promotion.

Many times employers find your persuit of continuing education a great reason to give you a
promotion. They recognize you have invested time and sometimes money into improving
yourself and want to reward that. Similarly when placed side by side with another candidate for
promotion you will stand out to and impress a hiring manager if you have more education.
Education qualifies you to handle more tasks and responsibilities and may have even given you
specific knowledge in how to do a job better.

d. Explain the factors leading to a drop out in rural set up.

e. Discuss the role of education in economic development

Education enhances people’s access to current and scientific concepts.

It improves people’s efficiency and capacity to absorb new technologies.

It raises knowledge of potential possibilities and labor mobility.

Education helps people obtain information, skills, and attitudes that will allow them to grasp
societal changes and scientific advances.
Education investment is one of the primary sources of human capital that enables inventions
and discoveries.

A country’s ability to adopt sophisticated technologies is aided by a well-educated labor

population

Raise people productivity and creativity and promote entrepreneurship and technological
advances

People's acquire knowledge and skills which can in turn be use to acquire Jobs

Education enhances people's access to current and scientific concepts, it improves people's
efficiency and capacity to absorb new technologies, it improves knowledge of potential
possibilities and labor mobility

Education increases the receptivity of people to modern and scientific ideas. Thus, education
increases the efficiency of people.

It results in greater awareness of available opportunities and mobility of labour.

It imparts knowledge, skills, and attitude which would enable them to contribute to the
productive programmes.

Research and Development Education helps in preparing learned scientists and researchers in
various subjects, who are involved in research and development activities to bring out
innovative products, technologies and processes and thus add to the economic development of
the nation.

Standard of Living Education raises the living standard of people by enhancing [heir income
earning capacity. Participation Rate Education makes a greater proportion of population
capable of participating in the economic, social and political activities of a nation thus raising
the participation of people in the development process.