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Economics, Supply And Demand - Example Papers

Economics, Supply And Demand

In the article we find that teenagers have the oppertunity to be demanding about their salary in the baby sitting field, because the amount of babysitters today are scarce. The babysitting population, teenagers, find themselves busy with school, part time jobs, and extracirricular activity. Teenagers with drivers licenses are even more scarce than those with out, all in all, It's hard to find a babysitter. Times have changed, just twenty years ago there were 33 million children who needed to be watched, and 39 million babysitters(age 10 - 19), recent polls suggest that children that need to be watched raised 18 percent to 39 million while baby sitters dropped 5 percent to 37 million. ...

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are in demand, there is an increase in the amount of children who need to be watched yet there are relativly few who choose to babysit from the allready decreased amount of the babysitter work force. This gives the babysitter the advantage of a noncompetitive work force, allowing the baby sitter to set the price with out bargaining. If we were to compare two different production possibility frontiers, we would see a left shift of the curve while demand for baby sitters rises, from 1980 to 1996. In economics we concider this an inflation, the amount of resources(babysitters) decreased while the demand for them rose. This is what we would concider the begining of an econic problem because the resources are scarce. This resulted in an increase of price for that service.
We also see that the most experienced, oldest, responcible, and best trained babysitters set the highest prices by up to 60% from a "novice" sallery of $4 to a "expert" sallery of $10 and consumers are willing to ...

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Economics, Supply And Demand. (2008, January 22). Retrieved November 16, 2024, from http://www.essayworld.com/essays/Economics-Supply-And-Demand/77892

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PAPER DETAILS

Added: 1/22/2008 11:36:09 PM
Category: Miscellaneous
Type: Premium Paper
Words: 518
Pages: 2

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