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Econ Ch. 10


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schools that are financed by tax revenues and operated by the government
public schools
schools that are not operated by the government and are mainly financed by student tuition
private schools
positive externality in which benefits are shifted from the provate market to society
spillover benefit
benefits or costs of an economic activity that spill over to the rest of society
negative externatlity in which costs are shifted from the private market to society
spillover cost
value of income, earnings, property, sales, or other variables to which as tax rate is applied
tax base
percentage of the tax base that must be paid to the fovernmnet as tax
tax rate
pay part of the cost
income-earning investments of a school
the theory that people invest in education in the same way that businesses invest in machines, by calculating the investment's return, or profit rate
investment-in-human-capital theory
profit rate computed by dividing profit by investment
rate of return
a maximum limit on the number of students allowed to enroll in a school
enrollment caps
monies authorized by a legislative body to be spent for certain purposes

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