APPLYING ECONOMIC PRINCIPLES TO EDUCATION

Yes, I believe that such economic principles apply to both private and public organizations. This principle amounts to greater competition in the market place. To effectively compete with each other, organizations will be forced to improve the quality of the products or services that they offer in order to give better value to their customers. This will also be advantageous to the consumers because some companies tend to lower their prices to increase their market share. In a free market economy, people дЫПvoteдЫќ through their purchases of goods and services. Those getting the most дЫПvotesдЫќ are the ones that offer the best value for the peopleдЫЄs money. With support coming from the consumers, these firms have the dollar power to further improve on the quality of their products and