When one gallon of gas equals another, but one child’s learning doesn’t equal the next, what does “cost per student” really mean?

What Does Fungible Mean?

When something is fungible, it means one unit can be substituted for another unit.

Think about buying milk at Market Basket or Hannaford. A gallon of whole milk is a gallon of whole milk. If Market Basket charges $3.49 and Hannaford charges $3.79, you know exactly what you’re getting at each store. The milk at one store will work just as well in your cereal as the milk from the other.

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