(Economics) You have two friends who are pursuing different careers after high school this year. Danielle is interested in getting into the medical field and wants to be a doctor after eight years of schooling. Danny wants to be a barber after he earns a certificate after six months of barber school.

1)Predict: How will supply and demand and labor substitutes in these job markets affect their pay and likeliness to get a job?

2)How will supply and demand within the job market affect my career choice?

Answers

Answer 1

Answer:

1)Predict: How will supply and demand and labor substitutes in these job markets affect their pay and likeliness to get a job?

Supply, demand and labor substitutes are three variables that will determine the wage.

For the medical field, the demand for doctors tends to be higher than the supply of doctors, because becoming a doctor is costly both in time and money. This means that doctors will be well-paid, according to this model.

Besides, there are not so many labor substitutes for a doctor, increasing the probability of a high pay for them.

The opposite occurs for barbers. Barbers are easier to supply, and demand is not as high for them. This means that a barber salary will be much lower than a doctor's salary. Finally, barbers do have more labor substitutes as well.

2)How will supply and demand within the job market affect my career choice?

Supply and demand within the job market, as explained above, largely determines the quality of the career that you choose. A labor market with high supply and low demand means that the chosen career will be paid less, while a labor market with low supply and high demand means that the chosen career will be paid high salaries.


Related Questions

How has your learning inside and outside of the classroom changed your perspective about experiences you have in school and life in general

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Answer:

financial position, environment, educational status, communication and support given to schools, community child care, and unity and cooperation among community people that affect learner's achievement (i.e., quality of education).

The student is the learning on the both the basis such as the inside and the outside. The inside are the learn to the teacher and the outside to the community helps the learn.

What is school?

The term school refers to the educational institutes that are involved with students and teachers. The teacher is a guide for the student. The teacher's job is to teach the student as related to the study, courses, and future guidance. The student is able to effectively communicate, build punctuality, decorum, ethics, and value.

A learning are the based on the inside and the outside of the school. The inside of the school the teacher are to teach, and they share the thoughts and the knowledge. On the other hand, the outside of the school are the change magnitude self-esteem and become more prosecuted in their instruction.

As a result, the learning is the based on the inside and the outside of the school.

Learn more about school, here:

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Terrell has been refusing to go to school. Bronfenbrenner suggests that the problem has been aggravated by poor communication between the school and Terrell’s parents. This illustrates the operation of the:_____.
a. chronosystem.
b. exosystem.
c. macrosystem.
d. mesosystem.

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Answer:

d. mesosystem.

Explanation:

As per Bronfenbrenner's ecological systems theory, The mesosystem is the interaction between different parts of an individual's microsystem. Myosystem means that an individual's individual microsystems do not function independently, but they are interconnected. These interactions have an indirect effect on the individual.

A simple structure is characterized by Multiple Choice high specialization and low centralization. low specialization and high centralization. low formality and low creativity. high formality and low centralization.

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Answer:

low specialization and high centralization.

Explanation:

A simple structure is one of the forms of traditional organizational designs. Some of the characteristics of this design are centralization in the authority, low form of departmentalization, less formal structure, and control designated over a wide range of people. Often such a design prevails in small businesses or startups. The business is then controlled and run by a small number of people who manage and control the workings of the business.

Which of the following "Progressive Amendments" gave women the right to vote? A. 16th Amendment B. 17th Amendment C. 18th Amendment D. 19th Amendment

Answers

Answer:

D. 19th Amendment

Explanation:

Answer:

D. 19th Amendment

Explanation:

The 19th Amendment to the US Constitution was added on August 18th of 1920. The amendment states that no United States citizen can be barred from voting because of their sex. Essentially, it allowed women to vote in addition to the men who had been voting for many years.

Therefore, the answer is D. 19th Amendment

Rather than rejoicing in his successful preaching mission and the salvation of the Ninevites, Jonah was angered that the Lord spared the city.
a) true
b) false

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The answer is a. True

statements is true according to Adam Smith's theories?

Answers

Answer:

D) A free market would benefit consumers as well as producers.

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