(Economics) You have two friends who are pursuing different careers after high school this year. Danielle is interested in getting into the medical field and wants to be a doctor after eight years of schooling. Danny wants to be a barber after he earns a certificate after six months of barber school. 1)Predict: How will supply and demand and labor substitutes in these job markets affect their pay and likeliness to get a job?

2)How will supply and demand within the job market affect my career choice?

1)Predict: How will supply and demand and labor substitutes in these job markets affect their pay and likeliness to get a job?

Supply, demand and labor substitutes are three variables that will determine the wage.

For the medical field, the demand for doctors tends to be higher than the supply of doctors, because becoming a doctor is costly both in time and money. This means that doctors will be well-paid, according to this model.

Besides, there are not so many labor substitutes for a doctor, increasing the probability of a high pay for them.

The opposite occurs for barbers. Barbers are easier to supply, and demand is not as high for them. This means that a barber salary will be much lower than a doctor's salary. Finally, barbers do have more labor substitutes as well.

2)How will supply and demand within the job market affect my career choice?

Supply and demand within the job market, as explained above, largely determines the quality of the career that you choose. A labor market with high supply and low demand means that the chosen career will be paid less, while a labor market with low supply and high demand means that the chosen career will be paid high salaries.

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