Factors Affecting Demand and Supply of Education
There are different factors affecting demand and supply of education in different parts of the globe including
Market forces can lead to an increase or decrease in demand for education. For example, in this age and era of advancement in technology, education sector is embracing technologies for more skilled employees. Therefore, if the market demands skilled labor, the demand and supply for education will also increase. This also leads to increased standard of living where many and many people will seek education especially higher education.
With the changing requirements of a specific labor market, the changes in demand and supply for education also change dramatically. Many employers agree that as organizations and the economy change, the areas in which skilled workforce, graduate skills and qualities add enormous value to an organization. It becomes easy to grow a company if employees are skilled hence, increased demand for education.
Availability of educational opportunities
Educational opportunities vary from one country to the other and from one location to the other. If educational opportunities are available in the society, the demand for education will increase. This is because members of the society will find all possible means to explore the opportunities and better their lives
National economy and its structure
For an economy to grow there is need for skilled workforce. This is one of the reasons as to why companies employ people from different countries as long as they have the qualifications. Skilled workforce deliver quality services and the state will not use more money on training.
Therefore, with increased demand for a skilled workforce to grow the economy, the demand and supply for education also increases. For instance, the UK seeks to provide its citizens with amazing and improved standards of living. The country can achieve this by ensuring the population is well education by creating more educational opportunities leading to an increased demand for education.
Economic benefits to an individual
Economic benefits to an individual leads to an increased demand and supply for education. This is an important factor and it is often notable when an individual feels the need to change a job or when employment rates that can sustain an individual financially require skilled workforce.
Additionally, a person may consider further education to achieve a certain social status such as Dr. the demand for higher education for example has been high over the recent past. Many graduates are considering further education to acquire skills that can help them lead even a much better life and earn good salaries.
Socioeconomic status of current and previous generation also affects demand and supply for education. For example, rich people recognize the economic benefits of education. As a result, they have made education part and parcel of their lives, a valued resource and a symbol of social status. This is why many consider higher education in their areas of specialty.
Culture also affects demand and supply of education. A culture that values quality education enjoys increased demand and supply of education. What’s more, such a culture is a highly educated culture or society and it can easily grow its economy.
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