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Economics: 1. You have two friends who are pursuing different careers after high school this year. Danielle is interested in getting into the medical field and wants to be a doctor after eight years of schooling. Danny wants to be a barber after he earns a certificate after six months of barber school. Predict: How will supply and demand and labor substitutes in these job markets affect their pay and likeliness to get a job?

For the medical field, the demand for doctors tends to be higher than the supply of doctors, because becoming a doctor is costly both in time and money. This means that doctors will be well-paid, according to this model.

Besides, there are not so many labor substitutes for a doctor, increasing the probability of a high pay for them.

The opposite occurs for barbers. Barbers are easier to supply, and demand is not as high for them. This means that a barber salary will be much lower than a doctor's salary. Finally, barbers do have more labor substitutes as well.

Explanation:

james0989 james0989 · Answer 2 · 2020-09-22T23:54:58+02:00

james0989 james0989

22-09-2020

Answer:

There both very different!!

Explanation:

Since both jobs require different diplomas, they will have different pays and likeliness to get there jobs. With a barber, as long as your trained and have some sort of experience, you should be cutting in no time! With working at a hospital, you need to have a diploma, a masters etc, you need to know what your doing in a hospital, so therefore, it might be a tad bit harder

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