ECON312N Principles of Economics
Week 3 Assignment
Read/review the following resources for this activity:
Textbook: Review Chapter 1, 3, 4, 5
Minimum of 2 scholarly sources
In Chapter 4 of the text, we learned that a market is in equilibrium when the demand curve intersects with the supply curve. The general notion in Economics is that when a market is in equilibrium, the desires of consumers are considered to be aligned with those of suppliers, and there is an efficient use of resources in the market. These conditions, however, do not always prevail in the market.There are times when there is, what is known as, a disequilibrium condition in the market. Under this condition, there is either a surplus or a shortage in the market. A surplus occurs when there is an excess of supply of a commodity over the quantity demanded.A shortage, on the other hand, is a situation where the quantity demanded of a product exceeds the supply of the product.
The preponderance of evidence in the market for the services provided by nurses is that there is an issue of perennial shortages that has lasted for several decades. Ms. Roberta Spohn, Assistant Executive Secretary of the American Nurses’ Association, Research and Statistics Unit, stated that “Although there are reports of manpower shortages in many other professional fields, nursing seems to enjoy the dubious distinction of continually suffering from this condition” (Spohn, 1954, p.865).
Identify, at least, five factors that are likely to cause the increase in the demand for nurses and five factors that are likely to cause a decline in the supply of nurses, or the failure of supply to keep up with demand.
Has government policy intervention over the years helped or exacerbated the shortage of nurses? Provide reasons to justify your opinion.
Writing Requirements (APA format)
Length: 2-4 pages (not including title page or references page)
12-point Times New Roman font