Supply, Demand, Elasticity, and Workforce Education: A Discussion

This discussion post analyzes the impact of supply, demand, and elasticity on workforce education, particularly in response to the growing technological landscape. The author examines how the increasing demand for skilled workers, especially in cybersecurity, has influenced training programs offered by community colleges, workforce development institutes, and universities. The post highlights the importance of workforce education in developing human capital and addressing the needs of a competitive economy. The discussion contrasts the US workforce education with global challenges, referencing the Harvard Graduate School paper, 'Pathways to Prosperity.' It also addresses how international market dynamics influence product demand and employment, emphasizing the need for a highly skilled workforce to meet global standards and maintain competitiveness. References include Gray & Herr (1998) and Symonds et al. (2011).

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Provide an example of a current situation, which describes the theory of supply,
demand and elasticity. Additionally, respond to workforce education.
In my view, over the last decade, the workforce education has positively responded to
the demand, supply and elasticity factors. These were done to cope up with the increase in
demand for technology. Moreover, there is an increase in the demand for a trained worker in
the field related to technology, which consists of software and hardware. This demand for
skilled hands has affected the growth of the countries. Today, security has become one of the
important factors in technology. This has led to an increase in the demand for high skilled
workers in the field of cybersecurity. Following this, various labor development institutions
and community professional has stepped up to provide vocational as well as the necessary
training to the workforce. These training consisted of various types of career certifications,
knowledge training on cybersecurity and professional certification courses. Moreover, these
training were provided by several training centers to generate a positive impact on the
technological sector of the country.
Apart from these centers, several universities and colleges provide training to the
workforce. This is because of the higher threat to the country. This indicates the nature of the
workforce that used to fill the gap of a certain type of working professionals. Despite the
higher number of graduates in the technology sector, the professionals of cybersecurity are on
high demand.
The primary goal of the workforce education is to develop the idea regarding the three
important variables determining the health of a nation, which has been suggested by the
authors, that is, human resources. Chapter 3 portrays the importance of education as
well as training on human capital. In this regard, compare as well as contrast the
training and education provided to human capital, which has been discussed in the

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Pathways to Prosperity and America’s Divided Recovery. Additionally, discuss the
remaining of the training and the types of changes made.
Things that remained the same
Several authors indicated that a nation could not be transformed into a competitive
one unless the large percentage or part of the business is competitive in front of the entire
world(Grey & Herr, 1998). This indicates that these businesses should be able to produce
high-quality goods and services in order to meet the international as well as national quality
standards. According to my viewpoint, this is one of the major reason behind the continuous
innovation of the US companies against the quality products offered by the world, which
cannot be found in other markets in the entire world. The US is producing highly resistant,
durable and culturally integrated goods that will continue to dominate the global market.
However, this is not possible without the availability of a highly skilled and knowledgeable
workforce. Thus, if a country aims at becoming a highly competitive economy in the future, it
should employ highly skilled employees.
Additionally, the Harvard Graduate School paper: Pathways to Prosperity Paper
indicates that in today’s global economy several other economies face similar challenges as
the US in the genre of producing highly trained employees (Symonds et al., 2011). Several
economies ranging from Austria to New Zealand are facing difficulty in providing low-
skilled or low-wage jobs to increase the prosperity of the economy. However, there are still
hopes that a country can meet its production standards and produce technologically efficient
goods.
Things that have changed
There are other international markets available that are providing stiff competition to
the US producers. This is affecting the demand pattern of the products. This is because other

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countries are making similar but lower profitable goods, which is the reason behind a change
in demand and change in business pattern. The cheap products of the emerging market of
China are affecting US business. Moreover, this is leading to unemployment in the country.
The integrity of US lawmakers is affected by the low-profit motive of other international
markets.

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References
Gray, K.C., & Herr, E.L. (1998). Workforce education: The basics. Needham Heights, MA:
Allyn and Bacon
Symonds, William C., Schwartz, R. & Ferguson, R.F. (2011). Pathways to prosperity:
Meeting the challenge of preparing young Americans for the 21st century. Cambridge, MA:
Pathways to Prosperity Project, Harvard University Graduate School of Education.