Assignment:
Write a 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 UIU. 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 UIU. Use the information in the OOH as the basis for this report.
The following bullets include some words that are in blue -- 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 or the web site athttps://nces.ed.gov/nceskids/createagraph/default.aspx.
• 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.