MyEconLab Concept Video
Education benefits the students who receive it, and the many other people with whom a well-educated person interacts. To study the economics of education, we must distinguish between its private benefits and its social benefits.
A private benefit is a benefit that the consumer of a good or service receives. The marginal private benefit (MB) is the benefit from an additional unit of a good or service that the consumer of that good or service receives.
An external benefit is a benefit from a good or service ...