The concept of socioeconomic impact, as it relates to two-year colleges, is examined in terms of studies that have been conducted. Measures of socioeconomic impact, such as personal income, occupational status, levels of education, are discussed and studies focusing on these measures are cited. Additional studies are pointed to which define economic impact in terms of local services and capital expenditures, jobs, employee salaries, local expenditures by staff and students, and property tax revenues. The concept of human capital and the different ways it can be measured are then introduced. The paper concludes with a five-component model which provides specific measurement indicators and categories in which data can be placed. The components are: (1) social mobility, which is defined in terms of comparative measures of income and employment of two-year college graduates and other groups; (2) cost benefits, comparing the cost of institutional programs and services and the market value of graduates; (3) economic development, which considers the college as a provider of trained manpower for the regional labor market; (4) community renewal, which assesses the college's impact on community demography, employment, social organization, and taxable property; and (5) social control, which assesses the absorption and conversion of undeveloped manpower into human capital to meet community needs. (Author/AYC)