The results of 2000 study of the Programme for International Student Assessment (PISA) show that while Argentinean students performed similar to their peers in most other Latin American countries, they lagged behind all OECD and most of other participating countries. Attention needs to be given to further master the reading, math and science skills that are needed for a knowledge economy; and overcome the abnormal and high dispersion in performance among students. Comprehensive modeling and analysis of the education production function based on generalized least squares estimation and quantile regressions methods allow us to find that student's performance in Argentina is associated mostly with: school and learning climate; quality of teachers; and whether students are encouraged, guided and oriented to be effective learners. The findings show evidence of significant relationships that need future follow-ups to investigate how each indicator is affecting performance.