Reforms in Education Household and Accompany

Question: Discuss about theReforms in Educationfor Household and Accompany. Answer: Introduction Microeconomics refers to the knowledge regarding the economic behaviour of individual factors in economy. This includes people, household, accompany or the industry. It does not include the overall industry which is covered under macroeconomics (Salvatore and Salvatore, 2011). Hence the main focus of microeconomics is with respect to factors that impact personal economic choices. It also deals with how these choices are regulated by markets. It also refers to determination of demand and prices in the individual markets. In order to discuss the issue of microeconomics the article Australian teacher shortage fears as student number soar has been opted. Brennan, I. (2016).Fears of looming teacher shortage as student population soars.ABC News. Retrieved 20 April 2017, from https://www.abc.net.au/news/2016-01-18/fears-of-looming-teacher-shortage-as-student-population-soars/7096102 The report on 15th February 2016 published by leading news agency ABC news article deals with the issue of increased number of teachers leaving from the profession of teaching during the time of rise of the student population, indicating increased concerns on the part of Australia in the future to deal with teacher shortage. The report further suggests that the number of teachers is much less compared to the increasing student population. There is an expected increase of 26% of students by the year 2022 (Brennan, 2016). Teachers suggest that due to sufficient support and time pressures the numbers are reducing. The education sector is of serious concern for the government since the growth in the education business also opens flood gates for the flourishing of other businesses such as tourism. Demand and Supply Analysis of Education Demand supply both are crucial elements in running an economy in an efficient manner. Demand can be defined as the need and desire of customers for any product and on the other hand the supply of any product refers to the fulfilment of needs of customers by suppliers in the economy. One of the most important tools in case of the micro economic analysis is the price. The price of any product is determined by the demand and supply of the product in the economy. Demand and supply in the economy for different products is dependent on various factors. In case of demand it is dependent on the price of the product, the income of people in the economy at the same time on tastes and preferences of individuals in the economy (Cowell, 2006). Supply of any product in the economy is determined by the price of the inputs of products, technology and tastes and preferences of customers in the economy. The demand and supply of any product helps in determining the price of the product. Different res ources are required in order to run an economy in an effective manner. In case of the Australian economy also different resources are present in the economy. These resources are human resources; resources related to mining, natural resources. When looking into the present news article it is apparent that demand for education is high in Australia. However the demand is not being fulfilled due to shortage of supply of teachers. The sudden increase in demand of teachers is as a result of increasing child population in Australia (Hal, 2016). Due to lack of teachers, the primary education sector in Australia is facing issues. The Australian Bureau of Statistics is making predictions that the level of population growth of children eligible for primary education is going to increase in the coming 5 to 10 years (Nicholson Snyder, 2011) The lack of supply of teachers has been attributed to increasing pressure of time. There seems to be very little enrolment of people into teaching services. The similar condition takes place in case of every resource present in the Australian economy (O'sullivan Sheffrin, 2008). The education industry in Australia is known for its prolific international education. More than 450,000 students come to Australia from almost 200 nations. It contributes almost $ 15 billion to the Australian GDP becoming the nations one of the biggest export sector. The education industry also helps in the growth of the one of the vital industries in Australia i.e. tourism. This is because friends and relatives get a chance to visit Australia. However due to the increasing price of Australian dollar, the zeal of the aspiring students are diminishing as the cost of education is getting very high. Recently there has been a slowdown of student influx from nations like India, Koreas and other Asian nations. This situation had however been put under control since the middle of 2014 as the Australian dollar had depreciated. Recommendation Another important resource in the economy is the human resource. In case of the education sector Australia is suffering from scarcity of primary and secondary school teachers. Though the level of employment is in stable position, the country is suffering from scarcity of skilled human resources (Rader, 2014). Since the demand of the skilled teachers is very high in the economy in comparison to the supply, this leads to the escalation of labour wage. In case of skilled human resources the government has to take initiative to provide training to employees and at the same time the quality of education has to be increased. Different vocational training may also fulfil the purpose. Hence it can be said that the demand and supply both are important to maintain balance in the economy. Conclusion From the above article it can be inferred that the education industry is highly growing in Australia. The education industry acts as a catalyst to draw more foreign money into the nation. The number of teachers in Australia is in shortage (Friedman, 2007). There has to be radical measures to be taken by the government like better pays, appropriate delegation and more training to ensure that this demand supply crunch is addressed. References Brennan, I. (2016).Fears of looming teacher shortage as student population soars.ABC News. Retrieved 20 April 2017, from https://www.abc.net.au/news/2016-01-18/fears-of-looming-teacher-shortage-as-student-population-soars/7096102 Cowell, F. A. (2006). Microeconomics: principles and analysis.OUP Catalogue. Friedman, M. (2007).Price theory. Transaction Publishers. Hal, R. V. (2016). Microeconomic analysis. Nicholson, W., Snyder, C. (2011).Microeconomic theory: Basic principles and extensions. Nelson Education. O'sullivan, A., Sheffrin, S. M. (2008).Microeconomics: principles, applications, and tools. Pearson Education. Rader, T. (2014).Theory of microeconomics. Academic Press. Salvatore, D., Salvatore, D. (2011).Microeconomics(1st ed.). New York: McGraw Hill.