ECO 365 Week 1 DQ 2

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1. List all of the "shift" factors that influence Supply and all of the “shift” factors that influence Demand [THE ONES LISTED IN THE TEXT!]
2. Given that you are a supplier of labor in the labor market, you, personally, are a product with a price (the wages you can earn). Use the "shift" factors (from #1) that influence Supply and Demand and apply them to yourself (remember that in the labor market you are the supplier.) Which factors can you use to increase your income and how? How might those factors you can’t control impact you? The ultimate purpose of this question is for your to analyze how those factors lead to the INCOME (WAGE) that YOU are able to command (earn). (Thus, the “price” for you as set by supply and demand.)
To summarize the DQ, what can YOU do (using the shift factors) to earn more money from your labors? (NOTE: if you don't think you can get much of an increase in your current job, this DQ should involve changing jobs.)



Answer:
The shift factors that influence Supply are:
- Price of Inputs
- Technology
- Expectations
- Taxes and Subsidies
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