Question: Using this article and the information bellow please draw (either by hand or electronically) a graph that illustrates the economic concept presented, labeling the axes
Using this article and the information bellow please draw (either by hand or electronically) a graph that illustrates the economic concept presented, labeling the axes and appropriate curves and/or isocost/isorevenue/budget lines (as appropriate to your article). Your graph should not just report data, like consumer price indices or other information. You should show that you can apply an economic concept that has been a class topic.
it should realte to one of these topics from the article.. article: https://www.uschamber.com/workforce/understanding-americas-labor-shortage-the-most-impacted-industries
"One economic concept presented in the article is the labor shortage. This concept relates to aggregate demand and change in demand vs. quantity demanded. The article discusses how the COVID-19 pandemic has disrupted the labor force, resulting in many workers quitting their jobs. This decrease in the labor force can be seen as a decrease in aggregate demand for labor. Additionally, the article mentions that specific industries, such as leisure and hospitality, have experienced high quit rates, indicating a change in demand for labor in those industries.
Another economic concept presented in the article is labor force participation. This concept relates to types of production input and cost curves. The article mentions that labor force participation still needs to match pre-pandemic levels, leading to a shortage of workers in various industries. This labor shortage can affect the production process and cost curves for businesses. For example, if there is a labor shortage, businesses may have to pay higher wages to attract workers, increasing average variable costs.
A third economic concept presented in the article is job openings. This concept relates to the topic of deriving demand curves from indifference maps. The article discusses how the education and health services sector and the professional and business services sector consistently have the highest number of job openings. This high demand for workers in these industries can be seen as an increase in the quantity demanded of labor. By analyzing the job openings data, one can derive demand curves for labor in these industries.
A fourth economic concept presented in the article is unemployment. This concept relates to the topic of perfect vs. imperfect competition. The article mentions that the national average unemployment rate stands at 3.8%. This low unemployment rate indicates a more competitive labor market, where businesses may have to compete for scarce labor resources. In a perfectly competitive labor market with low unemployment, businesses may have less bargaining power and may have to offer higher wages or better benefits to attract workers.
A fifth economic concept presented in the article is remote work. This concept relates to the topic of the application of economic concepts to everyday issues. The article mentions that the prevalence of remote work has dropped since 2021 but remains higher than the pre-pandemic norm. This shift in work arrangements can have economic implications, such as changes in commute patterns, office space demand, and transportation usage. It also highlights the importance of understanding how economic concepts can be applied to analyze and address issues related to remote work."
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Economic Concept Labor Shortage and Aggregate Demand for Labor Axes and Curves Vertical Axis Yaxis Wage Rate W Horizontal Axis Xaxis Quantity of Labor ... View full answer
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