Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
¶ … shift in supply and demand: Technology
The creation of a new form of technology, such as the relatively recent explosion in the use of personal computers, can create a sharp upturn in demand for new, highly skilled workers. Several possible scenarios can occur as a result of new technological developments: firstly, workers with highly prized skills may suddenly have extremely marketable job qualifications. Their salaries will go up. Businesses will try to use less expensive, outsourced labor whenever possible to curtail salary growth. More graduates will begin to major in technological fields because of the high levels of demand and high salaries.
Thus, both the demand and the supply of labor will increase. The demand for labor will expand, as employers in the high-tech sector will wish to capitalize upon this new ability to make a profit, and because being a first mover in a technology field bestows such a critical advantage upon the supplier. Furthermore, technology can change at such a frenetic pace, failing to hire talented new workers can cause the company to lag behind its competitors.
The supply of workers would also increase, however, as the result of increased demand. At first, because workers in this field are highly skilled, they might be able to command a very high price for their labor, and supply might initially be constrained and lag behind demand. But the global economy has enabled many high-technology jobs to be outsourced. Furthermore, college students are likely to tailor their skills to the upturn in demand. Because many of the workers in this industry are young, and the field is geared to younger people with a high level of comfort with technology, an influx of new graduates is likely. The only possible 'cap' upon the potential supply of workers is that the field of technology is also difficult. Difficulty in mastering the field and getting a degree in computer science or engineering may pose a limit upon the supply of laborers.
Supply Demand Simulation Macro and Microeconomic Principles From the simulation, the two major microeconomic principles are supply and demand. The simulation majorly focuses on the supply and demand of rental properties in Atlantis. In addition, the influences on supply and demand form the major topic discussed in the simulation. The macroeconomic factors clearly stated in the simulation are changes in the population trend, choosing to rent or buy apartments and factors that
Price elasticity for this product was likely quite great, before the item was subsidized, as few consumers perceived it as a necessity. Only the costs of production limited the price elasticity, as the tanks are presumably not cheap to build. Of course, the government might protest that the product is a necessity, given the dire need for conservation, if Australia is to continue to have a sustainable source of
This means that the demand increase will produce an increase in supply at a controlled rate. d. How can you apply what you learned about the concepts of supply and demand from the simulation to your workplace? The simulation sheds particular light on the idea of adjusting pricing structure according to apparent market demand. This is useful to any workplace. In my case, the notion that large-scale external changes in the
raising minimum wage relates supply demand analysis. • If raise minimum wage businesses compensate raise workers? • According United States Department Labor, Minnesota's current minimum wage large employer's small employer's hour? • How hard working people expect ahead minimum wage low? • Due cost living minimum wage increase? This a comprehensive paper a minimum library resources. Raising the minimum wage: Supply and demand analysis Although there is a great deal of
Supply and Demand Curve: Shifts and Movements Demand is, in basic terms, that quantity of a certain product/good that consumers are able and willing to buy/purchase at the prevailing price (Hirschey, 2008). A product's market demand function relates its aggregate quantity demanded to the various parameters, including price, that influence the said quantity (Hirschey, 2008). The demand curve is an expression of "the relation between the price charged for a product
demand: A Change in News Consumer Demand in Britain Pfanner, Eric. (28 Feb 2005) "British Papers Stem Losses, but the reader grows fickle." International Herald Tribune. From The New York Times. World Business News Retrieved 28 Feb 200528 Feb 2005 at http://www.nytimes.com/2005/02/28/business/worldbusiness/28paper.html? Consumer demand is fickle, particularly when it comes to non-necessary commodity goods and services. Media consumption, biologically speaking, is not a necessity. Nor do the physical productions of the