INTRODUCTION: Micro economics foundations can be utilized to convert college of education to degree award institution. Microeconomics concerns decision-making by individuals and small groups, such as families, clubs, firms, and governmental agencies. As the famous quote from Lord Robbins at the beginning of the chapter says, microeconomics is the study of how scarce resources are allocated among competing ends. Should you buy that digital audio tape player you’d like, or should you buy a dapper suit for your job interview? Should you take a trip with some friends this weekend or study at home? Because you have limited income and time and cannot, therefore, buy or do everything that you might want to buy or do, you have to make choices. Microeconomic theory offers a general theory about how people make such decisions.
Simply put, the micro economics foundation in this discussion has to do with the actual operational level of education services – that the micro-administration of education starts; it can be conceived in a restricted form at the level of what is known as institutional administration, or in a fuller form when we refer to social organizaitons with an educational function. This administrative level should not be underrated just because it has less territorial scope since, in education terms, it is the most significant level as the real scene of the education process.
Moreover, these micro-planning levels do not represent dead-end little compartments but, on the contrary, areas of social organization opening up to ascending integration on a larger scale. This is what is shown by experience with the model of the community educational nuclei in some of our countries and analysis of their potential for advancing the integration of multi-purpose services at local development level.
Microeconomics focuses on the role consumers and businesses play in the economy, with specific attention paid to how these two groups make decisions. These decisions include when a consumer purchases a good and for how much, or how a business determines the price it will charge for its product. Microeconomics examines smaller units of the overall economy; it is different than macroeconomics, which focuses primarily on the effects of interest rates, employment, output and exchange rates on governments and economies as a whole.
MICRO ECONOMICS FOUNDATION THAT CAN BE UTILIZED TO CONVERT COLLEGE OF EDUCATION TO DEGREE AWARD INSTITUTION
As an economist, it is believed that the microeconomics foundation tools can be utilized to convert College of Education to a degree awarded institution. In recent time, concerted efforts have been made on strategic planning to achieve internal efficiency in the school system for stabilizing of the Degree Programme in the College. In fact, strategic planning, as a systematic and comprehensive analytical process that scans the internal and external environment of an institution, is more than ever before now receiving attention as a viable alternative in institutional management.
However, Degree programme in tertiary education system has become a potent tool for the realization of educational objectives in Nigeria. A situation therefore, of inadequate materials, ineffective delivery of learning materials, infrastructural facilities, inadequate skilled manpower, teaching staff, could grind the programme to a halt, or turn out the products half-baked, such that they cannot face the challenges of the labour market like their contemporaries from the conventional universities. The various microeconomics foundations tools includes: