Write a 500 to 750-word report on the demand for labor. The
subject of your report will be the occupation you expect to work in after you
obtain your degree from university. Use McEachern’s analysis of the derived
demand for labor (carpenters, baseball players, truck drivers, teachers, and
Hollywood stars in Chapter 11 (see the section on The Market Demand for
Resources) as a model for your report. To start, go to the Bureau of Labor
Statistics’ (BLS’s) Occupational Outlook Handbook (OOH) at
www.bls.gov/oco/home.htm and find an occupation that fits the description of
the occupation you will pursue after you graduate from university. Use the
information in the OOH as the basis for this report.
The following bullets include some words that
are in bold– use these words as first-level headings with appropriate
capitalization.
Your report should:
Include a brief introduction and a conclusion.
See the note, Introductions and Conclusions, for more information on
introductions and conclusions.
Define the term “derived demand” and
include a real-world example of a derived demand. Do not use an example that
was included in our course text.
Discuss each of the three factors that can shift
the demand for labor(and other resources) that McEachern listed in Chapter 11.
These factors include changes in: (1) other resources employed (the prices of
other resources), (2) technology, and (3) the demand for the final product.
Devote three paragraphs of your report to these factors (discuss one factor per
paragraph).
Include a graph showing how the demand for your
occupation will change over the next 5 to 10 years (see the Job Outlook section
of the OOH’s description of the occupation you selected). Hints: Use Excel to
create your graph
Evaluate why business managers should have a
solid knowledge of factors that affect the demand for resources. Include this
evaluation in your conclusion. Please note: Your conclusion should also review
all the major elements of your report.