What is the role of demand and supply in our daily lives? The demand and supply

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What is the role of demand and supply in our daily lives?  The demand and supply curve can change the way we look at product markets and labor markets. In the product market, demand and supply affect the market prices of products.

Which product markets will be affected on Valentines Day? Why is the price of iPhone X so high?  What about Pink clothing line? Which types of customers affect the market for Pink products?

Are wages and salaries affected by the demand and supply of an occupation? If you examine the salaries of all jobs, you will discover that they are directly related to demand and supply. If we compare the earnings of a doctor and a receptionist, we will most likely find that the doctor is paid quite a substantial amount more than the receptionist. The reason for this is that the supply of doctors is lower while demand is higher. Due to the fact that physicians have more education and training than receptionists, they are more productive and therefore there is a higher demand for them. However, due to the fact that the medical education is so strenuous, there is a far smaller supply. The combination of low supply and high demand creates a higher equilibrium than the demand and supply curve of the receptionist.

Many students who are interested in high paying jobs use the information of demand and supply of occupation to their advantage. The demand for different jobs will impact what kind of majors you choose to pursue and the career field you want to go into. For example, employees who perform any kind of dangerous activity, such as testing medication or disposing of chemical waste, are often paid more than their coworkers. Also, jobs with night shifts are likely to bring with higher salaries, as there is are less people willing to work at night, and therefore, the supply is smaller. Therefore, by understanding and utilizing the concept of demand and supply, you can figure out how markets are affected.  

What are the jobs with top salaries?

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