Answer:
As the demand for a certain type of jobs increase, the amount of people who are willing to supply their labor also increased. Job that are the most stable and has high payment are the types of jobs that high in demand but low in supply.
Personally, I think you should think about supply and demand when determining your career. But, you shouldn't make it your sole criteria.
Salary is important. It's provide safety for you and loved ones to fulfill your basic needs. It also allow you to follow a certain type of lifestyle. But, passion and happiness also extremely important. You need to make sure that the job that you do is not taxing your general well being. You need to find balance between the two.
The factors of supply and demand are applicable to the job market just as they are applicable in other fields as well. In case supply for a job is high as compared to the demand, it will pay less and vice versa.
The above condition can be better understood as given below:
• When demand increases and supply remains same:
Job stability would be higher as less workforce is available and income would be better too, as employers would want to retain their employees.
• When supply increases and demand remains same:
Job stability would be lesser as more workforce is available and income would be less as well.
One should think about supply and demand when considering their future career because it would be better to step into a market where demand is more as compared to the supply. But this changes according to the personal needs and goals of individuals.
Learn more about supply and demand here:
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