Sustainability In Higher Education Example

Sustainability In Higher Education Example Sustainability In Higher Education â€" Essay Example > Instructor: October 30Th, 2013.Economics: Theory of Supply and DemandAs one of the pillars of sustainability, it is crucial to consider the role of economics in realising a more equitable and balanced society. Current economic systems have the tendency to importantly contribute to the depletion of resources, increasing the gap of inequality and, a make- take- waste mentality. Economics can however, be a source of considerable change towards sustainability. The main goal of economic sustainability is to establish economics that are economically viable, socially responsible, and environmentally sound. Realising this goal needs the participation from all the sectors of the economy, both in identify and determining the economic needs and implementing appropriate innovative solutions (Colander, 2004). Proper economic sustainability encourages the responsible resource use, through ensuring the businesses are not only making business, but are their operation is not creating an imbalance the local ecology. Although, the concept of economic sustainability looks rather simple, its implementation is often hampered by a number of obstacles such as resistance to change which often leads to inefficient utilization of the available resources. Basically, the objective of economic sustainability is to ensure that the business remains profitable and continue to grow every all the time (Nicholson, , 2004). We appreciate that eradicating poverty, altering unsustainable and fostering sustainable patterns of production and consumption, while managing and protecting the natural resource base of social and economic growth are the primary objectives of and essential needs for sustainable development. I also need to reiterate the desire to achieve sustainability by promoting equitable distribution of resources through the reduction of inequalities, and promoting a sustainable and integrated management of natural systems and ecosystems that support among others economic, social and h uman development while at the same time facilitating the conservation, restoration and regeneration in-light of the emerging challenges. Supply, Demand and Market priceLet’s take an example of serving meal at a restaurant; the first food served in a mean takes delicious, if one is hungry. The second serving may taste good, but the third and subsequent serving most people would have had enough. As a result, the amounts or quantities of commodities consumers are ready to buy is inversely proportional with its price. This is the law of demand. As people use more energy and time in producing commodities, they require more remuneration to offset the rising scarcity of both energy and time loft for other uses. So the quantity of labour they are willing to supply directly varies with the salaries and wages. Consequently, producers willing to pay more salaries produce higher amounts of output only if they receive more to cover the added costs of production. At this juncture consumers wo uld be willing to buy more if only the commodity prices were lowered while the sellers would have sold more if the prices were made higher. A compromise is thereafter arrived at and that is the market price. The current economic models of demand and supply is often utilized at the policy planning level, and sustainability economics is majorly used in the development of alternative emerging marketing strategies so as to sustain economic growth.