Labor Market Scenario Essay

496 words - 2 pages

Labor Market ScenarioScenario:For this scenario, I have chosen write about the health care industry and topics that would cause a shift in labor supply and demand because I have worked in this industry before for over 12 years.According to Wallis, L. (2006) areas of employment that would cause a shift in labor supply and demand in the health care industry include but are not limited to:Physician work force.Registered nurse work force.Licensed practical nurse work force.Direct care workers.Certified nursing assistant work force.Home health and personal care aid work force.Medical assistant work force.According to Wallis, L. (2006) some ...view middle of the document...

Population Shifts: demographic trends that influence future the future of the health care industry i.e. immigration, old age, retiring workers etc.Occupational Trends: specific developments in the areas of employment that give an understanding to the future of the health care industry i.e. physician work force, licensed nurse work force etc.The health care industry has had a steady increase in labor demand over the last several years. "Nursing shortages are expected to increase from 6 percent in 2000 to 29 percent by 2020" (Wallis, L. 2006). Consequently, the increase in labor demand (shift to the right) will cause a significant decrease of labor supply (shift to the left) in the health care industry by the year 2020.As labor demand increases and labor supply decreases the equilibrium of the labor market in the health care industry is affected adversely. In order to raise labor supply in the health care industry to meet labor demand wage adjustments will have to be made. An increase in equilibrium wage will cause an increase in labor supply whereby labor demand will decrease, and eventually there will be a balance in labor supply and labor demand to bring equilibrium back to the labor market in the health care industry.ReferencesMankiw, N. G. (2004). Principles of economics (3rd ed.). Chicago, IL: Thomson South-Western.Wallis, L. (2006). The Changing Face of the Health Care Industry. Oregon Employment Department. Retrieved February 22, 2008, from http://www.qualityinfo.org/olmisj/ArticleReader?itemid=00002126#seg0003

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