Define the term derived demand

Reference no: EM133219659

Question: Write a 500 to 750-word report on the demand for labor. The subject of your report will be the occupation you expect to work in after you obtain your degree. To start, go to the Bureau of Labor Statistics' (BLS's) Occupational Outlook Handbook and find an occupation that fits the description of the occupation you will pursue after you graduate from UIU. Use the information in the OOH as the basis for this report.

The following bullets include some words that are in blue -- use these words as first-level headings with appropriate capitalization.

Your report should:
• Include a brief introduction and a conclusion. See the note, Introductions and Conclusions, for more information on introductions and conclusions.
• Define the term "derived demand" and include a real-world example of a derived demand. Do not use an example that was included in our course text.
• Discuss both factors that can shift the demand for labor (and other resources) that are listed in Chapter 14 of Mateer & Coppock (our textbook). These factors include changes in: (1) costs and (2) the demand for the product the firm produces. Devote two paragraphs of your report to these factors (discuss one factor per paragraph).
• Include a graph showing how the demand for your occupation will change over the next 5 to 10 years (see the Job Outlook section of the OOH's description of the occupation you selected). Hints: Use Excel to create your graph or the web site
• Evaluate why business managers should have a solid knowledge of factors that affect the demand for resources. Include this evaluation in your conclusion. Please note: Your conclusion should also review all the major elements of your report.

Reference no: EM133219659

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