Assignment:
The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more (Hayes, n.d.).
The law of supply demonstrates the quantities that will be sold at a certain price. But unlike the law of demand, the supply relationship shows an upward slope. This means that the higher the price, the higher the quantity supplied (Hayes, n.d.). One of my goals that can be addressed by the principles of supply and demand is my future employment goals, such as airline dispatch. The qualifications for the job are almost as difficult, time consuming and expensive to get as the ones to become a commercial pilot.
Therefore, most people would then opt to become an actual pilot because historically a pilot made far more than a dispatcher. Most dispatcher jobs also require several years' experience before you qualify to work for that company. Experience is hard to come by when you can't get a job unless you have experience. Most dispatcher jobs also require the applicant to have a pilots license, which is how they get their experience. The law of demand says that the higher the price of the good, the less people would demand that good. The aircraft dispatcher job requires a high price for the qualifications, and a high level of training that requires a lot of time.
The law of supply tells us that the higher the price, the higher the quantity supplied (Arnold, 2016). Because of the high price of the good, which in this case is a job we can assume that not many people would be interested in that position. Because of the high price we can also assume that the good (job), would have a high level of salary, but the dispatcher job pays around $20 an hour (Dispatcher, 2018). So, the law of demand can be demonstrated in this case by showing how the price of acquiring the good (job) shows the small number of people willing to become qualified for that job, especially when other factors remain equal like becoming a pilot and making much more money. The law of supply represents how much the market can offer (Arnold, 2018).
For this job market the pays is far less than other jobs that require the same level of training and education. Because of these factors we can assume not many people are willing to become qualified for this job, yet the companies that need dispatchers are constantly in need of the position. With an increase in salary we can assume more people would be willing to pay for the qualifications to become an airline dispatcher.
References Arnold, R. A. (2016). Economics (12th ed.). Boston, MA: Cengage Learning.Glassdoor. (2018, August 7). Dispatcher. Economics basics: supply and demand.