Question

Use the principles of supply and demand to address a predetermined goal (set by the student). be clear on what the current market indicates and why and what your future goal is. we will probably revisit some of your choices in future modules.

Answer 1

Answer:

Principles of demand & supply applied to education & employment market (as crucial aspects of student goals).

Explanation:

The goal of a student could be to get in a particular college, university. It could also be to get an work experience opportunity in an organisation.

The student would have to analyse the demand and supply for the particular seats, vacancy in the institute, organisation.

In case of educational goal, demand group will be students & suppliers would be educational institutes. If demand (by students) > supply (by institutes), the price paid would be high depending upon nature of institute. For profit institute, monetary fee would be high & for non profit institute, the eligibility criterion could be very high. If demand < supply, price & or eligibility criterion would be low.

In case of work experience goals, demand group will be firms & suppliers would be employees (students). If demand (by firms) > supply (by employee students), price (wage) received by students would be higher. If supply > demand, wage would be lower.

This demand supply theory of student goals highlight : student tendencies to be in highly excess demanded (w.r.t supply) labour group, so that they can get high wages. For this they would want to acquire 'rare' academic qualifications, having excess demand. Hence, they would pay huge price in terms of time needed to attain that high eligibility competence.

Example : Students targetting high value professional course like 'Chartered Accountant', as it has high salary due to high expertise needed, & they working so hard to attain that competence (clear the difficult exams)