we have already studied only demand and supply so far, so the assignment is just based on this two....

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we have already studied only demand and supply so far, so the assignment is just based on this two. the lecturer said we can discuss either of the two (demand or supply). she said she does not need plenty graphs, that we should draw all graphs by yourself. she said we should draw a demand or supply curve by our self from excel, that she does not need a copy and paste graph. please make sure to follow all the instruction i have given and the one in the assignment. she is very strict so please use simple words so she won't know i gave it out.

Deepika · Accepted Answer

Demand and Supply of Human Resource in Australia
Introduction
Resources have an important role to play in the economy. Every act of production is completed using resources. Resources could be classified into physical, capital, and human. Human resource is a comparatively newer term which has been put into use.  Earlier the term Labour was in practise. Human resource or simply called workforce is an important contributor in the growth and development of a nation. Human resource means people who work in organisations or business or community and are involved in various roles and responsibilities. Examples of human resources are teachers, doctors, farmers, factory workers etc. Just like other goods and services these are also demanded and supplied in the market by various sectors. Recently there were reported cases of acute shortage of skilled human resources in the country. The study aims to analyse the factors which affect the demand and supply of human resource, the role of government in the maintenance of equilibrium in the human resource market along with the policy recommendations to nurture and develop the human resources thereby reducing their shortage in the market.
Evaluation with the help of economic theories and concepts
Just as other sources of production are paid their price, human resource is also paid its price i.e. wages or salary. When the salary is high, more human resources would be willing to supply their services. This is because supply has a direct relationship with the price. The demand, on the other hand would be less at higher wages and more as the wages rise. As there exists an inverse relationship between the quantity demanded of a good or a service and its price i.e. more is demanded at a lower price and vice-versa. As shown in Figure 1, the demand and supply of human resource is determined at the equilibrium wage set by the market force. Any change in salary and wages would cause a movement along the demand and supply curves. However, any factor other than salary and wages would shift the respective demand or supply curve.

we have already studied only demand and supply so far, so the assignment is just based on this two. the lecturer said we can discuss either of the two (demand or supply). she said she does not need...

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