The short-term impacts of public community colleges upon the business and government sectors of Maryland's economy were measured through a series of linear cash-flow formulas. In 1976-77, total direct and indirect expenditures attributable to the 17 colleges in areas of salaries, purchase of materials, and capital building improvements were almost $124 million. In addition, the state received about $9 million from taxes paid by the faculty and staff, from the federal government, and from taxes on business property allocable to college transactions. About 6,700 jobs were also available because of the colleges. Human capital studies of the long-term impacts of the colleges on students and the state reveal that, on an average, community college students in Maryland will receive almost a 27% return on their investments in higher education during their lifetimes. Social economic gains, in return for the costs of education to students and the public, were measured in terms of increased productivity; this average rate of return was about 15%. The study report includes a bibliography, appendices which outline multiplier effects, gravity theory, and business volume, and a literature review. (Author/AYC)