The market for higher education is determining the key questions of what gets produced, how it is produced, how much is produced, and who gets how much.
Start your discussion by responding to these questions:
- Why do you think that more and more students are going to college when, in fact, the price of a college education is increasing? (Be sure to use the models of supply and demand to explain your answer.)
- In what ways have changes in the job market influenced your assessment of the value of an education? (Do you have more choices or options?)
Talk with your peers:
- Reply to a classmate — was their reasoning similar to yours?
Please read the course materials before answering the discussion question! This week, you should consider a situation in which demand or supply was so high (or low) that it impacted a decision you made. This discussion question addresses two issues.
First, you should use the model of supply and demand to explain why more and more students are going to college when, in fact, the price of a college education is increasing
Second, you should explain why changes in the job market influenced your assessment of the value of an education
When addressing the issues raised by this week’s discussion, keep in mind that the demand tells you how much a consumer is willing to buy of a product at any given price, and the supply is about the amount of a product that firms are willing and able to sell. In addition to this, the individual demand curve shows the relationship between the price of a good and quantity demanded by an individual consumer, ceteris paribus (holding all else constant), and the individual supply curve shows the relationship between the price of the good and the quantity supplied by a single firm, ceteris paribus.
Class: What is shortage (excess demand) and surplus (excess supply)?
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