The law of supply and demand is simply a two-way street. Both sides need to be fulfilled for a desired outcome.
When looking at the literal meaning of the law of supply and demand, both sides directly relate to the price of the desired product or service; the goal is to increase revenue. By applying the law of supply and demand to manufacturing education, the goal is to increase opportunity. When the demand for manufacturing education increases, the opportunities for the students should also increase. But there is a high volume of students applying to manufacturing programs that are placed on waiting lists because there isn’t enough space in the programs; there is a demand but not enough supply. And in some areas, there are students who are unaware of the opportunities the manufacturing industry can bring so students are not expressing interest. With more manufacturing programs, students will have more opportunities to establish a career in the future. Employers will also have a larger pool of qualified applicants to help continue the growth of their business.
Hundreds of students apply for the manufacturing programs statewide but schools have to meet the State’s space requirements in the labs. This is a set limit on the number of students they can admit in the programs. Passaic County Technical Institute in Passaic, New Jersey, for example, can accept, at most, 18 students each year. Career and Technical Education schools have a high number of applicants for the programs each year. Students are being placed on waiting lists because there isn’t enough room for them all in the programs. This shows that there is a demand that is not being met due to the state restrictions. If there were more openings in manufacturing programs, the schools would be able to fill them.
In some areas, there is less demand for the manufacturing programs; students and parents are not asking for them. But they are not asking for them because they have not yet been introduced to the opportunities and benefits that the manufacturing industry can bring. If Apple made the iPhone but didn’t tell anyone about the features or the technological advances, no one would have bought it. Instead, Apple uses the law of supply and demand to their advantage. They continue to generate buzz about their products, building demand from the consumers to buy their products. The manufacturing industry has to generate the same momentum and gain exposure in all aspects of the industry in order to have the programs reinstated into schools statewide.
The law of supply and demand is dual sided. Both sides need to balance each other out to keep the status quo. According to Economics Basics: Supply and Demand by Reem Heakal, “the supply and demand theory will allocate resources in the most efficient way possible”. The introduction of manufacturing programs and a higher limit of admitted students in the existing programs can open more opportunities for students and help the manufacturing industry in New Jersey continue to grow and thrive.
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