Aggregate demand refers to the relationship between curriculum

Aggregate demand and aggregate supply determine the level of real GDP and the price level. The aggregate demand curve is the relationship between real. Aggregate demand, however, is of little use in understanding the dynamics of demand Instead of referring to total potential supply, the expression teacher supply is used .. Likewise, there is a shortage of minority teachers (American Association of . Several states have moved to regulate teacher education curricula by. save and withdraw. Curriculum Content Circular flow of income be encouraged to refer to it whenever they're discussing expansionary or . explain the relationship between aggregate demand and the price level. • explain why the.

With increasing opportunities for women to enter medicine, law, business, and other professions during recent decades, forecasters anticipated a decline in the proportion of women in the teaching profession.

Course: ECON Principles of Macroeconomics

Instead, the increasing proportion of women in the overall labor force and the increasing role they play in providing family income seems to have resulted in stronger interest by women in teaching, at least as measured by increases in the proportion of women in this profession.

In Indiana, for example, women have become a larger percentage of the teaching force during the past 20 years Kirby et Page 30 Share Cite Suggested Citation: A similar trend occurs in national statistics.

This percentage dipped to a low of Although it is true that more women are entering other professions, it is also true that more women are entering teaching. The large increase in the population of women ages 20—25 and their greater labor force participation has resulted in more women in almost all professions.

More Stringent Entry Standards. Little evidence exists to support the hypothesis that fewer teachers enter and continue in the profession due to either fear or failure of entry tests or of performance assessments. The evidence from Indiana is that attrition rates of young teachers have declined—not increased—over the last five years, roughly the period when testing was introduced.

Most teacher testing may simply delay entry into teaching. While individuals may fail a teacher qualifying test the first time, the failure rates after multiple chances at passing are generally very low, Furthermore, few states or LEAs have adopted testing programs that could serve as barriers to aspiring teachers. The Problem of Composition Although most people now recognize that the supply of teachers is generally adequate to fill the ranks of the nation's teaching force, a major concern remains about a shortage of teachers who are able to deliver high-quality instruction in the classroom.

In other words, the match between the composition of the teaching force in terms of subject matter knowledge, instructional skills, fluency in multiple languages, and demographic characteristics and the demand for teachers with such abilities and characteristics is far from optimal.

In short, there are too few teachers who are able to perform at a high level in their particular teaching assignments. For example, there are shortages of highly qualified teachers in certain subject matters such as science and mathematics Gilford and Tenenbaum, and in teaching fields such as bilingual education Schmidt, Likewise, there is a shortage of minority teachers American Association of Colleges for Teacher Education, Thus, the problem of teacher shortages is now construed in terms of certain inadequacies in the qualifications and characteristics of the teaching force, but not in its size in relation to gross demand.

The Problem of Distribution Just as the problem of teacher shortage is now construed in terms of inadequacies in the composition of the teaching force, it is similarly con- Page 31 Share Cite Suggested Citation: Teachers are needed, of course, in schools that vary by grade level and by location in urban, suburban, and rural areas. While almost all teaching positions are filled in all these schools, the qualifications of teachers are unequally distributed among them Oakes, For example, the shortage of highly qualified teachers in many urban schools is considered to be greater than the overall shortage of such teachers.

In this instance, the concern about teacher shortages is defined in terms of the distribution of qualified teachers among schools of different characteristics, not about a general shortage of teachers.

Equilibrating Supply and Demand Since there is a shortage of highly qualified teachers in some teaching assignments at some locations, it might be expected that a significant proportion of teaching positions would remain unfilled. Yet that is not the case.

Hiring practices in the field of education ensure that ''teachers'' are present to staff almost all classrooms. Only one percent of teaching positions nationally were unfilled in —88 Hammer and Gerald, In particular, three strategies are used to equilibrate supply and demand, two of which work on the supply side and one on the demand side. The main mechanism used is to relax qualification requirements during hiring. If a highly qualified applicant is not available to fill an open teaching position, a less qualified applicant typically will be hired.

In fact, many teachers are hired on emergency certificates shortly before a school year begins, a strong indication that a fully qualified candidate was not available. Other ways to compromise on applicant qualifications include hiring experienced teachers with poor performance records or hiring otherwise qualified teachers out of their fields of competence. These compromises with qualifications, which are made to equilibrate teacher supply and demand, are counterproductive to efforts by policy makers and administrators to improve the quality of teaching practice.

Another supply side mechanism used to equilibrate teacher supply and demand is to offer financial incentives for teachers to enter and continue in the profession, i. Some of these incentives entail bonuses offered to teachers in shortage teaching fields, such as bilingual education, and at shortage locations, such as schools in large urban centers.

Other financial strategies for enhancing teacher supply are to raise overall teacher salaries so as to make the profession more competitive with other occupations and to raise entry-level teacher salaries substantially so as to attract more novice teachers to the profession. If the supply of hireable teachers is still not sufficient to fill open teaching positions, then the demand for teachers can be reduced and brought Page 32 Share Cite Suggested Citation: This can be done by increasing class sizes and by increasing the average number of classes assigned to teachers.

Both approaches increase the teacher-pupil ratio. While these strategies can be effective in equilibrating teacher supply and demand and thereby ensuring that all classrooms are staffed with a teacher, they do little to enhance the quality of teaching practice. On the contrary, increasing workloads can have an adverse effect on the quality of teaching and the morale of teachers.

This issue is particularly important because it is widely presumed that higher-quality teachers will engage in higher-quality teaching practices in their classrooms, which will lead directly to improved student learning outcomes—the prime objectives of all stakeholders in public education. While this presumption may be intuitively obvious, education researchers have found it difficult to demonstrate robust relationships between potential indices of teacher quality, on one hand, and student learning outcomes, on the other Hanushek, The design of effective policies to improve teacher quality has been impeded by three problems.

First, there is little general agreement about what specific characteristic of teachers indicates quality. Second, existing models of teacher supply and demand do not address the subject of teacher quality and therefore offer no guidance.

Third, data on variables that might indicate teacher quality are very limited, a circumstance that restricts research that might lead to practical measures of quality. In spite of these problems in defining teacher quality, education policy makers, administrators, and researchers have given considerable attention to five dimensions presumed to indicate quality in education.

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Measuring growth in current dollars which does not account for inflationrather than constant dollars, might indicate a false sense of economic growth or decline. Governments focus on three key indicators of economic growth: In unit 5, we explore how governments form, implement, and evaluate their fiscal and monetary policies to achieve these three goals.

In this unit we uncover scenarios and philosophical debates about government's role in a market-based economy. We examine whether GDP is an accurate measure of societal well-being, quality of life, and the standard of living. Unemployment and Inflation Most of us are familiar with unemployment and inflation: In this unit we delve into these concepts and study their interrelationship.

First, consider that inflation erodes the purchasing power of the dollar, or other currency unit euro, rupee, naira, dinar, or pound. Macroeconomics helps us measure the effects inflation has on an economy and the standard of living when it distinguishes between nominal income the dollar amount receivedand real income the amount of goods and services the income can buy. Secondly, consider the different types of employment.

The labor force includes employed and unemployed workers, such as those who are able and willing to work, but not able to obtain employment. The labor force does not include full time students, nonworking spouses, and retirees who are not looking or unable to work.

We examine three types of unemployment: Let's consider a hypothetical event to show how unemployment and inflation levels are often interrelated. Suppose everyone who is looking for a job gets hired tomorrow and begins earning income. Our newly-employed group is flush with cash and wants to spend their income immediately. However, it would take some time for retail stores to make new products available to purchase to meet this demand.

More money is available to purchase the limited number of goods available. Prices rise as retailers try to benefit from the rise in consumer demand. Our scenario shows how employment and inflation levels often follow each other. Completing this unit should take you approximately 20 hours.

  • ECON102: Principles of Macroeconomics

Aggregate Economic Activities and Fluctuations In this unit we explore the forces affecting growth, inflation, and unemployment at the aggregate level, such as output, income, or the set of components within GDP.

Aggregate demand is the total amount of goods and services people want to purchase. It measures what people want to buy, rather than what is actually produced. The aggregate demand is the sum of consumption, investment, government expenses, and net exports.

Aggregate supply is the total output an economy produces at a given price level. As we studied in microeconomics, firms achieve equilibrium when they produce the quantity of goods and services consumers want to buy—at a macro level equilibrium is the point where aggregate supply equals aggregate demand. In this unit we examine shifts in aggregate supply and aggregate demand, and the short-term and long-term effects for the entire economy.