Describe two factors that affect labor supply and two factors that affect labor demand. Using economic principles, describe how changes in the labor market have affected you or someone you know.

Wondergirl

This sounds like a homework question.

Think about it. What reasonable things affect the labor supply, i.e., the supply of people who work? What things prevent people from getting jobs or keeping their jobs? What causes layoffs?

Then, think about the labor demand. What things affect what kind of jobs companies can offer? What things influence what jobs are available or not available? or even disappear? For instance, the U.S. used to be a huge manufacturing country. Pittsburgh, Gary IN, and Chicago had big steel mills. Those steel mills are mostly gone now. Who is doing that kind of labor today to produce the steel the world needs? Why?

The changes in the labor market have greatly affected us. Buy a cell phone or a DVD player or a iPod and call the technical service number if you are having problems with your new purchase. You will quickly find out about a few changes in the labor market!