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Education is the acquiring of basic skills and knowledge needed in one's day to day life.It is not acquired in formal forums only but it is also available informally.
This is a question of a million dollars as mostly people consider education a system of acquiring knowledge in schools, colleges and universities. Various dictionaries also define "education" in the same way. Although it's not wrong but to me "EDUCATION" is something more than this limited interpretation.
This word describes all the phenomena which takes part in making this world more civilized. The phenomena which impart education never comes to an end in our life. Only death can seclude a person from it. Our participation in the process of education can be intentional or un-intentional. At a time we are learning something and at another we are teaching.
It may be traditional as in educational institutions or it may be through experience in daily life.
Coming to the conclusion we may define "EDUCATION" as, enhancement of human attributes through developing skills, imparting knowledge and practicing great human values to make this world more comfortable for living.
All of us apply it in our daily life is the reply to the second part of this question.
Education purely and simply means the "gaining" of knowledge. You can be taught, you might indeed teach or you might learn by your own or someone else's experiences, whatever the route you will have gained or passed on "an education" in a particular field.
Education is learning and teaching as a talent, then studying then experience then reading, surfing, discussing etc....
I am using methodology, new siences in education.