Demand and Supply Dynamics in the Labour Market of Australia

Running head: ECONOMICS FOR BUSINESS
Economics for Business
Name of the Student
Name of the University
Author Note

1ECONOMICS ASSIGNMENT
Table of Contents
Introduction................................................................................................................................2
Essence of the article..................................................................................................................2
Economic Interpretation.............................................................................................................3
Conclusion and Recommendation..............................................................................................7
References..................................................................................................................................8

2ECONOMICS ASSIGNMENT
Introduction
The theoretical and conceptual framework of economics, have several building pillars
of the discipline and which also have considerable implications on the real case economic
activities in the global framework. One such conceptual framework of immense relevance
and importance in the economic growth dynamics of the countries across the globe is that of
the demand and supply framework (Baumol and Blinder 2015). In terms of economics, a
market is defined as the place where the demand and the supply forces of different
commodities and services interact with one another to reach a common agreement regarding
the economic outcomes of the production of the same.
The demand side constitutes of the people willing to avail or consume the product and
service, while the supply side shows the operations of the providers of such commodities and
services, which also have considerable implications on economic prosperities of the sectors in
specific and countries as a whole. There also exists markets where the resources of
production are bought and sold, which also include labour resources (Frank and Cartwright
2013). The dynamics in the labour market in any economy reflects the employment scenario,
the economic welfare of the individuals in an economy and the overall welfare of the
economy as a whole.
Keeping this into consideration, the concerned report tries to analyse and interpret the
dynamics and trends which are seen to be present in the labour market of one of the globally
dominant economies, the economy of Australia. To observe the demand and supply trends in
the labour market of the country in the contemporary period, the report takes reference of the
article named, “The new people problem”, published on 16 April,2018 (Hcamag.com 2018).