Labor Supply and Demand Scenario
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Write a scenario that would cause a shift in labor supply and demand. The following areas have had high job growth rates and can be used for your scenario: transportation, insurance, and real estate industries.
o What is the area of employment?
o Why has this shift occurred?
o In what direction would the shift in labor supply and demand go?
o What would be its effect on the equilibrium of the labor market?
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Solution Summary
This solution discusses the real estate industry, the areas of employment in the industry, the factors that contribute to the demand for labor, and a graph that demonstrates how the equilibrium wage would be affected due to an increase in demand for labor. This solution is 267 words and has an attached Word document which contains a graph pertaining to this response.
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Solution:
In this scenario, I am going to analyze the real estate industries. In this sector, the areas of employment are:
- Construction (housing construction, as well as construction of commercial offices, retail and industrial buildings, and infrastructure projects such as dams, roads and bridges).
- Brokerage services
- Real estate finance services (mortgage ...
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