Importance Of Resource Pricing

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Words: 1296
Pages: 6
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Brent Maron
11/17/14
Essay 3
1.) Resource pricing has a significance in which it helps resources enter a production that is owned by someone. For most people, labor that you own yourself is the most important resource because it’s yours, you control where it goes and how it is used for whatever reason. A big significance for people when it comes to resource pricing is the amount of income that one will make. Income is how people live, without having an income that can make suit your situation weather that’s a family with kids or just two spouses, life is expensive and sadly without a good income it is hard to live in this world. Something that resource pricing does is it allocates resources that are used for alternative uses. For firms, prices of resources are in taking into consideration for the best way to keep production down to a minimal cost.
When it comes to determining the factors of resources demand and the demand for products, there are many differences. For demand of products, you can base this off the income one makes or the desire they are going for. Resource of demand on the other hand, is derived from demand of production in the sense that if a resource cannot be used for production, there will not be a demand for it. When it comes to resources, they are less mobile in the sense that their location relative to demand for the output, which then factors the demand for resources to be in a certain location. The demand of resource is derived from what the firm thinks the resource has the ability to produce. If there were to be no demand for a certain output, the demand for input would not matter. The reason that the demand for resource curve is downward slopping is because the diminishing marginal product of the resource is in competitive markets where they would need to keep producing and spending more money to make more products. The greater the output is, the lower the price will end up which will also make the demand curve shift downward. 2.) In today’s society, with the economy not being the best and jobs are as hard to come by as ever, you see declines and increase in certain areas. With occupations like medicine and business, fields that can expand wide there will always be an increase in jobs. Factors that can contribute to this is the technology, the way diseases are becoming natural, and where some are located. For business, people tend to try to open up their own places to create a source of income for themselves. Also the way that technology is evolving, you will need a place to be able to market and sell your item. Also now, women are starting to become a big part of the workforce and getting to understand the ins and outs of how business works. Business is not just popular in the US, but all across the world, countries trade with each other to obtain a good that may not be available in a certain country. The occupation that will have the biggest increase in the next 10-15 years will be health care. The world needs medicine, everyday people take may take a type of medicine that will keep them being able to function appropriate. In the next ten years, health care is expected to grow an amazing rate of 20% and more. There is always a need for medicine in this world, with cancer a horrible diseases that seems to happen too often. Being able to cure these diseases wouldn’t be possible without all of these difference specialist in the health field that are trained to deal with these symptoms. For males, in nursing there is a big opportunity for jobs, considering that there are mostly women that are nurses. With the development of new technology it makes it easier for doctors to diagnose a certain injury/ sickness. Medicine is needed all over the world because there will always be some type of sickness no matter where you live. Some occupations that in the next ten years that won’t gain nearly as many jobs like fishing, farming, and forestry occupation. The job force for these occupations is low, not
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