Econ Extra Credit.docx - Extra Credit School districts want to find the best teachers in order for their students to do well Yet the education system

Econ Extra Credit.docx - Extra Credit School districts want...

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Extra Credit School districts want to find the best teachers in order for their students to do well. Yet, the education system suffers through a variety of problems according to the report. They range from high retirement rates, turnover of new teachers in the market and few teachers in comparison to what the turnover rate was 2 decades ago. With this increasing downfall, the demand for teachers essentially goes up, on the other hand, the supply of teachers is going down. Another reason for these phenomena is salaries school offer today. On average in the span of 19 years, the wages have dropped by $30 each week, taking into account inflation rates. With regards to the gap with teachers and other professions, the gap decreased by a further
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Unformatted text preview: negative 15% to when it was actually negative 1.8% back in 1994. This gap was relatively absorbed by more “experienced” teachers regardless of the years of experience acquired. Besides being equipped with better benefits, teachers still experience a massive wage gap in comparison with other professions. With regards to the graph, because of the decrease in pay on the Y axis, it results in shortage due to low pay. Because the equilibrium price lowers, the equilibrium quantity of teachers also decreases with a simultaneous decrease in supply which results in an increased demand for teachers....
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