demand & supply - careers choices
How demand and supply affect careers choices?
- 1 decade agoFavorite Answer
The responsibilities and the popularity of the career determind the supply & demand.
High demand job such as nurse and other professionals that have certain of risk have better compensation. Since the supply is not high enough to reach the demand, it has better pay off and compensation to attract more people and shift the supply curve up to reach equilibrium, the optimal point that the its market is in its most efficient function. On the other side, professionals such as lawers, doctors, and accountants are popular due to their good compensations and good reputations. Therefore law school, med school and cpa exams have higher standard requirements and limited seats. It's because first these careers need certain of knowledge and education to sustain the responsibilities. Second, shift the supply curve to reach its equilibrium.
High risk careers, higher demand, higher compensation.
Low risk careers, lower compensation, and lower demand.
- 1 decade ago