One of the concepts covered in the course is supply and demand that also helps me better understand my future career field electrical engineering. The equilibrium price is determined by the intersection of the forces of supply and demand. This explains the high salaries in the electrical engineering field because the supply of the electrical engineers often falls short of the demand for them by the employers. In addition, the demand for the electrical engineers is only expected to grow, thanks to ongoing advancements in computing technologies. As a result, companies are not hesitant to offer attractive compensation packages to get their hands on the top talent.
The supply of the electrical engineers is usually inelastic because it usually requires four years of college at the minimum before an individual can start his career as an electrical engineer. In addition, there are not many alternatives to electrical engineers. These factors also explain why the electrical engineers are able to command relatively higher salaries as compared to many other professions.

The demand for the electrical engineers has been growing due to a number of reasons. First of all, research and development activities in the computing sector require the expertise of the electrical engineers. The electrical engineers usually have strong background in subjects like Math, Physics, and Chemistry that have applications in many non-engineering fields as well such as finance and medicine. Unlike some jobs such as IT, the work of the electrical engineers is difficult to outsource, and the companies also have reservations about protecting their intellectual capital. All of these factors ensure the demand for the electrical engineers will continue to be strong for the foreseeable future.

The economic concept of the supply and demand explains the supply of the electrical engineers is struggling to keep up with the strong demand from the companies, resulting in high salary levels. In addition, electrical engineers supply cannot be increased quickly which also results in intense competition among the companies to attract the top talent.