By Lisa A. Eramo
Supply and demand. In the business world, this is a fundamental concept and the backbone of a market economy. Ideally, supply increases commensurate with demand, creating a stable equilibrium. In other words, as demand for “widget A” increases, businesses produce more of “widget A” to keep consumers happy. This relationship continues as long as consumers continue to demand and purchase “widget A.”
In the world of education, however, this isn’t always the case. With the rising cost of obtaining a college degree, it shouldn’t come as a surprise that the demand for college-credentialed individuals in the workforce is quickly surpassing the supply. In simplistic terms, employers want college-educated employees, but it seems as though there just aren’t enough of them to go around.