Assignment 1: Economic Brief The Products (Essay Sample)
The Educational Service is one of the most comprehensive and influential industries in the world. This sector aims to establish fabulous instruction and training materials for all students, no matter what their class level is. Schools, colleges, technical institutes, universities and other training centers are always on the radar of this industry when it comes to manufacturing and distributing study materials (Kim & Kim, 2018, p. 31). From books, notebooks and journals to audio-video aids, lab equipment, and computer devices, everything is produced by this industry. Educational services are mostly delivered by instructors or teachers who are responsible for explaining topics, supervising students, and helping everyone gain more and more knowledge. They may or may not use the products introduced by this industry depending on their requirements and complexity of subjects (Kim & Kim, 2018).
The Market Structure of This Industry and Two Market Characteristics that Support This Market Structure
The market structure of the Educational Services sector consists of the following elements:
* The products (learning materials or courses).
* Organizations (schools, colleges, and universities).
* Money spent on students’ education in the form of fees; it needs to be higher than the marginal costs (Arnaudov et al., 2017, p. 44).
* Economic profits are determined in the long run (Arnaudov et al., 2017, p. 45).
The first main characteristic of this market structure is that it ensures the provision of quality education to all students without any discrimination. Secondly, it does not only benefit students in the long run but also helps the school, college, and university administrators become financially stable, as well as allows teachers and professors to earn a living easily (Arnaudov et al., 2017).
Notable Microeconomic Relationships, Market Outcomes, and Trends in This Industry
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