Efficiency, Effectiveness and Profitability – Concepts Used in Assessing Public Expenditures in Education

The author’s scientific endeavour aims at presenting the three given concepts from a theoretical perspective and at emphasizing the importance of expenditures efficiency, effectiveness and profitability in the education activity. At the same time, the author emphasizes the differences in defining the concept of economic efficiency and effectiveness in education. This research also presents the two important types of education activity efficiency indicators, namely physical and value indicators.