Demand and Supply Theory in Contemporary Labour Market of Australia

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

1ECONOMICS FOR BUSINESS
Table of Contents
Introduction................................................................................................................................2
Essence of the Story...................................................................................................................2
Economic Analysis.....................................................................................................................4
Demand and Supply Theory...................................................................................................4
Conclusion..................................................................................................................................6
References..................................................................................................................................7

2ECONOMICS FOR BUSINESS
Introduction
The global economic framework has developed and changed considerably with time,
with the global economic environment becoming more integrated and inclusive. The different
aspects and dynamics in the domain of economy of different countries as well as the world as
whole can be explained in the light of the economic theories and conceptual frameworks
present in the contemporary periods. One such conceptual framework is that of the concepts
of demand and supply.
In sense of economics, the demand and supply forces for any good or service interact
in the market platform and come to mutual agreement regarding the pricing and producing
decisions of the commodities or services. While the mutual agreement between these forces
lead to market equilibrium, there often occurs mismatches between these forces which leads
to dis-equilibrium situations in the economy, thereby affecting a section of the economy or
the economy as a whole (Holland, 2018).
Keeping this into consideration, the concerned report tries to analyse the situations
present in the contemporary labour market in one of the dominant economies of the world,
Australia, keeping into consideration the fact that the labour market patterns in the country, in
the contemporary periods have been experiencing considerable shifts. To analyse the same,
the report refers to the news article named, “Where the jobs of the future will be”, published
in The Australian (Salt, 2018). The concerned report also tries to interpret the situations in the
light of the demand and supply framework of economics.
Essence of the Story
The concerned article emphasizes particularly on the shifts and dynamics in the job
sector of the contemporary period in Australia, thereby focussing on observing the sectors in
which the jobs are created and the regions where greater jobs are created vis-à-vis those