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In this video, the law of supply is explored in a variety of different formats. This includes the definition of supply, the law of supply, changes in quantity vs. changes in supply, and the determinants of supply. The narrator within the video uses a chart to explain the direct relationship between price and quantity supplied - as the line is steadily increasing at an equal rate throughout the chart, it is easy to understand how the law of supply works and how it relates to that of changes in quantity.

We chose this particular video to explain the law of supply because it allowed for a visual and mathematical representation of what the law of supply looks like, as well as how it reacts to fluctuations in price and quantity. The video also explains the determinants of supply, being subsidies and taxes, technology, related goods prices, resource costs, the expectations of future producers of future prices, and the current size of the market. Understanding how supply is affected by these factors allows for a deeper understanding of the topic.

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The Law of Supply and the Determinants of Supply

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This particular video provides an analogy of supply and demand.  The analogy used in this video is set in 1120 A.D. when individuals used horses to travel from destination to destination. It described demand as the logical conclusion that these individuals needed a more efficient method of travel. It described supply as the lack of knowledge and material to fulfill that demand.

Understanding how both of these laws relate to each other is integral in understanding how the economy flows. The video allowed for the definition of supply and demand to be explained in a thorough and simple fashion. Since this topic can be very complex and difficult to understand, we knew it was important to choose a video that would explain the different functions of each law in understandable terms.

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🤝 Supply and demand | How does The Law of Supply and Demand work?

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In this brief video the narrator outlines the exceptions to the law of supply. These are products that do not perfectly follow the law , where in some cases the price has no relation to the supply at all. These products consist of agricultural goods, and perishable goods. The supply of agricultural goods depends on the weather conditions when the weather is good more product can be produced but when the weather does not permit agricultural growth less product is produced. Similar to agricultural goods the supply of perishable goods does not depend on the rise and fall of the price, these products have a shorter shelf life, sellers will be willing to sell more even when prices fall because they can not store the products very long. One more exception that is explained in the video is the expectations of future prices. Sellers may predict the rise and fall of prices and based on their  those predictions, choose amount of supply they want  produce to either prevent higher loss or gain more. Understanding the exceptions to the law helps to have a better understanding of the law and how it applies to everyday life.

We decided to choose this video because It is important to understand that economics is never just black and white, there are always exceptions, somethings that don’t quite follow the rules perfectly. By understanding these exceptions we as consumers are able to see how economics are at work in the market -place. This understanding can lead to us being more conscious consumers in the future.

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This video discusses the following effects on the supply chain; profit, price, input pricing, technology, competitive supply, joint supply, expectation of future prices, weather and number of producers. Some of these effects can be recognized as exceptions to the law of supply such as “expectation of future prices” and weather, which are discussed in the last video. However, most are factors that help determine supply of any product as ur world continues to change. Each Factor is explained with an easy to understand example with corresponding visuals. The visuals show a product example and what the supply of that product may look like after each factor has been applied.

We chose this video because it clearly outlines a list of factors that can affect supply. There are a variety of different products sold in many different markets and each market will have the same overall factors with effects on supply but it's what's within those factors that differ based on the market. Every effect can be applied to each market which is pretty interesting almost as if there is a formal with many possible outcomes.. Knowing what effects supply can help us better understand the Law of Supply and how it is shown in the marketplace everyday.

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HOW DOES SUPPLY AFFECT US IN OUR DAILY LIVES?

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HOW DOES SUPPLY AFFECT US IN OUR DAILY LIVES?

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This website summarizes the purpose of the law of supply within the context of everyday life (ie. “how does supply affect me personally?”). Not only does the website explain how the law of supply affects the selling price of products/goods, but it also explains how supply affects stocks and bonds within the market.

We chose this website because it was thorough and relatable. It clearly defines the premise of how supply works in an individual’s life. Many people do not even know that they encounter this factor of economics every day in the form of sold out goods, low prices, and overstocked items in the grocery store. Beyond the basic everyday life, the website also goes into detail on how the law of supply affects the rise and fall of stock prices. From this website, we learn that stock prices are affected by both supply AND demand, and that without demand, the supply of shares depletes. When investors buy into this portion of the economy, it is vital for them to understand the basic function of how this system works, as well as their specific role in its successful flow.

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But they don't always work perfectly. If you've ever found something out of stock, you've likely been a victim of what's called market disequilibrium. Perhaps the price was too low, causing products to fly off the shelves. (That's why grocery stores limit you to three slabs of butter at $2.99, reg. $5.99.) Or, the store misread demand and supplied too little product.

On the other hand, when bakeries and sushi shops mark down their wares at the end of the day, it's because they're hoping to sell the food before it goes bad. They misjudged the demand and made too much.

Understanding the reasons behind these everyday occurrences can help you become a better shopper - and a better investor. After all, stock and bond prices are, at their most basic, set by supply and demand.

Let's dive in.
Read the transcript for Advisor.ca explains supply and demand
What is supply?

Supply is how much of a good or service producers are willing to provide to the market at a given price. Economists usually express supply this way:

You can see that the lower the price, the lower the quantity supplied.

The blue line is called the supply curve.

Other factors that affect supply include:

Cost of production (e.g., wages and utilities).

Efficiency of production (e.g., thanks to better technology).

Price of inputs (e.g., for shoes, the cost of leather).

Number of producers (the more producers, the more supply).

Taxes, subsidies and regulation.

Weather (e.g., great weather could mean a bumper crop).

Expectations of future prices (e.g., if suppliers think they'll get a better price in the future, they'll hold off producing until later).

When any of these other factors affect supply, economists illustrate that by shifting the supply curve. When supply conditions improve, the curve moves to the right: so for the same price as before, suppliers are willing to produce a higher quantity. When supply conditions deteriorate, the curve moves to the left: so for the same price as before, suppliers are only willing to produce a lower quantity.

What is demand?

Demand is how much of a good or service buyers are willing to purchase on the market at a given price. Economists usually express demand this way:

You can see that the lower the price, the higher the quantity demanded.

The orange line is called the demand curve.

Other factors that affect demand include:

Income of buyers (the higher a buyer's income, the more products she tends to demand).

Population of buyers (e.g., demand for lottery tickets would theoretically increase if a lot of people turned 18 one year).

Consumer tastes and preferences (e.g., one season skinny jeans are in; next year, it's wide-leg pants).

Prices of related goods.

Complementary goods are purchased along with the good in question; so, salad and dressing. If the price of salad increases, demand for dressing could fall.

Substitute goods are purchased instead of the good in question; so, butter and margarine. If the price of butter skyrockets, demand for margarine could rise.

Expectations of future prices (e.g., if a customer expects gas to be cheaper tomorrow, she won't fill up today).

When any of these other factors affect demand, economists illustrate that by shifting the demand curve. When demand conditions improve, the curve moves to the right: so for the same price as before, the quantity demanded increases. When demand conditions deteriorate, the curve moves to the left: so for the same price as before, the quantity demanded decreases.

How is price determined?

The optimal, or equilibrium, price is the price at which both buyers and sellers are happy.

If the price is too high, supply will be higher than demand. Suppliers think, "We can make money!" and produce a lot; buyers think, "That's too expensive" and don't buy. There will be market disequilibrium.

If the price is too low, demand will be higher than supply. Suppliers think, "I can't make money at that price!" and produce less; buyers think, "Sweet! A great deal," and want to buy more than what's been supplied. Again, there will be market disequilibrium.

This all sounds pretty theoretical. Can you give me real-life examples?

Here are two.
1. A supply curve shift, as illustrated by limes
Mexican food lovers keenly felt the Great Lime Shortage of 2014, which was due to a combination of poor growing weather, crop infestations and heavy "taxes" imposed on farmers by a local drug cartel.

Those factors shifted the supply curve to the left. For the same price, a producer wasn't able to produce as many limes. Indeed, a B.C. restaurateur told CBC.ca that a case of limes had gone from $40 to $200 over a few months.
2. A demand curve shift, as illustrated by Toronto Maple Leafs tickets
The Toronto Maple Leafs' 2014/2015 season wasn't anything to be proud of, and fans signaled their displeasure by staying away from games. In March 2015, the Leafs recorded their lowest home-game attendance in 16 years.

The poor performance shifted the demand curve to the left: for the same price, buyers just weren't interested. As demand fell, unofficial ticket prices did as well. Sportsnet.ca reports people were reselling tickets below face value, once unheard of for the hottest seat in town.

Cool. So what does this have to do with buying stocks?

Stock prices are based on a combination of supply and demand factors, but they're primarily demand-driven. The main reason stock supply increases (or decreases) is when a company issues more shares (or buys shares back).

Demand for a stock might increase (or decrease) if:

a company has a good (or bad) quarter;

economic conditions have improved (or deteriorated);

the company hires a better (or worse) CEO or management team; or

competitors' stocks/companies are doing comparatively worse (or better).

Generally, when demand increases, prices rise; when demand decreases, prices fall.

These principles apply, broadly speaking, to mutual fund units, bond prices, real estate, commodities and other traded securities.

Exceptions to the rule

Veblen goods

Imagine two bottles of wine: one priced at $9.95, the other at $25. Which do you think is higher quality - and which would you be more likely to buy? If you picked the $25 bottle, congratulations: you've just violated the laws of supply and demand.

This isn't a new phenomenon. Back in the 1800s, economist Thorstein Veblen noticed that for certain luxury goods - jewelry, art, wine - raising the price actually increased demand, as the higher cost meant the good was seen as a status symbol.

Rather than rewrite the laws of economics, we now call goods that fall under this dynamic Veblen goods.

Giffen goods

Giffen goods, named after economist Sir Robert Giffen, also see higher demand when prices rice. But this time, the reason isn't luxury - it's poverty.

Imagine a country where rice is a staple, and the price rises quickly. The cost of buying rice becomes so high it takes over the family's food budget. Now, they can no longer afford meat or vegetables; they can only afford rice, and they eat more of it.

In this case, rice is a Giffen good.

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Supply and demand: Why do you care? | Advisor

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But they don't always work perfectly. If you've ever found something out of stock, you've likely been a victim of what's called market disequilibrium. Perhaps the price was too low, causing products to fly off the shelves. (That's why grocery stores limit you to three slabs of butter at $2.99, reg.

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This article outlines the key issues when it comes to supply and demand within the Canadian healthcare system. Canada has a high demand for medical services, as shown through long wait times and frustrated patients who are not receiving the care they need due to the “lack of” healthcare professionals. However, there truly is a large supply of medical school  graduates qualified and looking for a job. So why does the surplus of supply not meet the every so needy demand? This article discusses a failed Canadian healthcare market system, and ways to solve it. Number one on the list is to turn Canada’s healthcare system into a free market system similar to many other countries around the world.

We chose this article because it is very relevant to our present day lives especially as Canadians. Many Canadians believe that this idea of a free market system would be a terrible idea. We love our free healthcare and we are known for it, but how well is our current system working. Even emerge has a wait time, it is a never ending cycle and there's always someone who needs immediate attention over another. It is difficult to decide what the right method is, but looking at it through an economic perspective can help to outline the biggest issue; supply does not meet the demand. Of course there are many other factors involved as the government controls this market but their must be a solution. Issues as such are not looked at through an economic perspective by the average person, but understanding the law of supply and how it pertains to this issue can be helpful in finding your stance on the topic.

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The Canadian Health Care System and the Principle of Supply and Demand

One of the basic tenets of economics in a free market system is the concept of supply and demand. Generally speaking, supply and demand reach equilibrium over time. If supply is "low" or demand is "high", the result will be higher prices, thereby "balancing" supply and demand. This is the "equilibrium point". Similarly, if supply is "high" or demand "low", prices will fall until the equilibrium point is reached.

Over time, the market system results in a more efficient, productive allocation of scarce societal economic resources. For instance, if the supply of a given good or service is low and the price high, producers will be enticed to increase production, thereby increasing supply and reducing the price, until the equilibrium point is reached. On the other hand, if there is ample supply and a low price, producers will reduce production, thereby reducing supply and ultimately increasing the price, again until the equilibrium point is reached. In each case, scarce economic resources are either brought into the industry, generally from less productive applications, or they leave the industry, generally to more productive applications. In this way, the optimal level of production is reached utilizing the least economic resources. This system applies to the free market, but not to Canada's socialized health care system.

In an article published recently in the National Post, health-care reporter Tom Blackwell described a situation that defies rational economic theory. Despite strong demand for medical services, evidenced by lengthy wait times and frustrated patients, large numbers of qualified and eager medical school graduates are unable to find jobs. For example, of ENT specialists who graduated last year, 78% failed to find positions. Yet, despite the availability of these highly skilled physicians, Ontarians still wait, on average, 164 days, or more than five months, for ENT-related surgery.

This situation begs the question as to why the supply of available medical school graduates is not matching patient demand. The primary reason is that this is yet another unfortunate example of market dysfunction in Canada's largely socialized health care "industry". Government funded health care is not paid for directly by consumers. Hence, there is no price mechanism. Instead, provincial governments call the shots, by determining the level of supply, in a Soviet-style planned system. The result is long wait times and unmet demand, just like the market for consumer goods in the defunct Soviet Union.

The costs associated with Canada's current dysfunctional health care system are significant. Medical school graduates remain unemployed and unable to service the debt they incurred during their training. Without the opportunity to practice, they risk seeing their hard-earned skills deteriorate. Patients bear a cost as they live in discomfort, while their conditions worsen, waiting for government gatekeepers to grant them access to treatment. Many of them are unable to work or to work productively. In this regard, according to a 2012 study published by the Fraser Institute, wait times in Canada cost Canadians as much as $3 billion in lost time and productivity. In addition, Canadian taxpayers, who have subsidized doctors' education costs, lose out on this investment as these people sit idle.

Until Canada, the only free market jurisdiction in the world that prevents the provision of and payment for private health care, allows some form of market-based health care to co-exist, serious problems will continue to occur. Contrary to what its opponents assert, private health care will not imperil universal health care. Rather, allowing a parallel free market system, similar to what is currently permitted in many other countries, including Belgium, France, Germany, Japan, Korea, Luxembourg, Switzerland and the Netherlands, would, in the public system, reduce wait times, improve access to resources and raise the quality of care. And those who access the private system will have their health care needs met in a timely fashion.

The health care landscape has changed dramatically since socialized health care was first introduced in Canada, making some sort of reform inevitable and unavoidable and indeed we are already beginning to see the seeds of change. There are, for example, potential opportunities for physicians in the limited private space that is available in Ontario, such as free standing surgical units and niche treatments that are not covered by the public system. These forays into market-based alternatives will grow over time, because the current socialized system is unsustainable.

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The Canadian Health Care System and the Principle of Supply and Demand

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One of the basic tenets of economics in a free market system is the concept of supply and demand. Generally speaking, supply and demand reach equilibrium over time. If supply is "low" or demand is "high", the result will be higher prices, thereby "balancing" supply and demand. This is the "equilibrium point".

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This article written for TheRecord.com discuss the relevance of supply and demand in regards to the 30 percent increase to minimum wage in Canada as of the beginning of last year. The author loosely accuses Canadian Government Officials of irony by calling employers bullies by simply following the law of supply. As minimum wage increases employers begin to reduce the number of employees to save on cost of labour, or maintain the same level of service by in return decreasing employee benefits. The author writes about their misunderstanding, for government frustration with the employers as they were just following economic laws of supply and demand.

We chose this webpage as it is a great example of how economics reveal themselves in our everyday lives. Again we don't always analyze the issues economically, so when it is brought to our attention in articles such as these it forces us to remember what we already know about the law of supply and demand and continue to apply to the topic at hand. This helps us have a deeper understanding of how the law of supply is at work behind the scenes when we are not paying attention.

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Opinion | Wages and the law of supply and demand

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As consumers, we all have an innate understanding of the law of supply and demand. If the price of a cup of coffee goes up 30 per cent we are inclined to drink less coffee. Labour is not exempt from...

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This website provides information regarding the supply and demand of Cannabis in Canada, since the recent Cannabis Act. The purpose of the information in the site is to allow for the Government of Canada to track legal and illegal Cannabis - ensuring that legal cannabis does not infiltrate the illegal market and vice versa.

We chose this particular website because it allowed for a unique and modern perception on what supply and demand means in today’s market, specifically in Canada. Provided in the website is a chart that compares the total spend on cannabis per year (2015-2019). From this chart, we can infer that since the demand for legalized cannabis became so intense, the supply was then released. Since the initiation of the Cannabis Act, the supply has increased tremendously - resulting in a high of 1.5 million dollars being spent on Cannabis in the fourth quarter of 2018. This website has put the definition of supply and demand into a completely new perspective - one that is relatable to every person in Canada today, whether they realize it or not.

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This photo was used in a New York Times article in which the supply of legalized marijuana in Canada fell short only three weeks after it’s legalization. The outcome of this situation caused the excited consumers to, once again, have to return to the illegal marijunana market to purchase. In this example, the demand for cannabis was extremely high, causing the supply to fail to keep up. This caused a shortage, which meant angry customers. This did, however, also cause an uprising of jobs in the marijuana production market.

We chose this particular photo because it portrayed what supply and demand could mean to Canada today - in the context of 2019.

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This image was found in an article from Canadian Business, discussing a list of the “Canada’s Best Jobs 2018”. Under this image it was stated that A head nurse and medical supervisor would be one of the best jobs to have in the year 2018. This is not only due to the median $83,000 salary, but due to the Career opportunity, the author stated that there is expected to be a balanced number of jobs to those who are looking in this field by 2023. This would mean that the supply of jobs in this field and the demand for these jobs is expected to be at equilibrium come 2023.

This image (when you look into the meaning behind it) shows a direct connection to the law of supply and provides a good example of the supply curve at equilibrium in real life example.

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Canadian Business - Your Source For Business News

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Whether you're fresh from school or looking to make a midlife career change, selecting the right job is always a challenge. It's a deeply personal decision-but perhaps we can make it a little easier by pointing you toward some intriguing opportunities. The annual Canadian Business Best Jobs ranking compiles comprehensive data on salaries, qualifications, and employment prospects to point you toward some of the fields with the highest pay and greatest potential. Scroll through our gallery counting down the Top 25 ranked careers on our list.

25. Scientific Research Manager

Job Description:
As a scientific research manager, you'll be in charge of the technical work done by the organization you work for, such as an architectural firm, a statistical service or a scientific department. You'll plan and direct the firm or department's activities, assign and review technical work and recruit staff.

Job Qualifications:
If you're working in architecture or landscape architecture, you'll need a related degree and licensing. Scientific managers will need a master's or doctoral degree in science. Finally, you'll need several years of related experience.

Salary:
The median salary for a scientific research manager is $100,000.

Career Opportunity:
A downside to this field is that it's been shrinking, with 24 per cent fewer people working in this position than there were five years ago. The government predicts there will be more jobs than people looking for work by 2023, however.

24. Head Nurse & Medical Supervisor

Job Description:
Anywhere nurses work - including hospitals, clinics, nursing homes and psychiatric facilities - there's a head nurse. People doing this job might supervise nurses, coordinate care with other health services and administer budgets.

Job Qualifications:
You'll need a degree or diploma in registered nursing. You might also need to take some courses in management studies. You'll also need to register with a regulatory body in the province where you work. Finally, you'll need to start by gaining clinical experience as a registered nurse.

Salary:
The median salary for a head nurse is $83,000.

Career Opportunity:
The number of people working as head nurses has grown by 33 per cent over the past five years. By 2023, the government expects there will be a balanced number of jobs and people looking for work in this position.

23. Software Engineer

Job Description:
Software engineers write the computer code that allows you to read this job description, and develop the processes behind tons of other products and services. If you've got a thing for math and logic, you'll love this field.

Job Qualifications:
A bachelor's degree in computer science or a related field is usually required, though the field is also renowned for giving the self-taught a chance, should they prove themselves through skill or experience. However, if you're looking for an advanced or specialized position, you may need further post-graduate education.

Salary:
The median salary for a software engineer is $90,000.

Career Opportunity:
Over the past five years, the number of employees in this field has grown by 22 per cent.

22. Economic Development Director

Job Description:
These government workers are focused on how to make cities, towns and economic regions prosper. This mainly involves evaluating, planning and implementing economic policy, but it also means collecting data and creating programs. The category includes jobs like border services managers, analysts and tourism development managers.

Job Qualifications:
A bachelor's in economics, business administration, commerce or public administration is required, with a master's in one of those fields required for one of the more advanced positions. It's also important to have several years of experience as an economist, economic development officer or researcher.

Salary:
The median salary is around $113,000, but your income is highly dependent on experience, responsibility, and which province or territory you work in.

Career Opportunity:
Currently there's a job for every job seeker, but be aware that much of that opportunity is in smaller communities. Like small-town living? Your job hunt is probably going to be easier. Additional good news for job-seekers is that employment growth has lagged in recent years and a wave of retirement is hitting this field, so towns and cities will be competing for talented candidates.

21. Aerospace Engineer

Job Description:
The aerospace industry plays an important and high-profile role in Canada's economy. It's also vulnerable to disturbances both domestic and foreign, such as government policy, foreign affairs and currency fluctuations. While few of the big manufacturers are Canadian, the extensive supply chain means there are plenty of small companies to work for. It's also an engineering field where further specialization is commonplace.

Job Qualifications:
First, pick your engineering degree: Aerospace, mechanical, or something related. In some cases you'll even need a master's degree or PhD. After that, you'll need to attain licensing by a provincial or territorial association of professional engineers. To be registered as an engineer, you'll also need to pass a practical exam and do three or four years of supervised work.

Salary:
The median salary for this job is currently $90,000, with 20 per cent growth in wages over the past five years.

Career Opportunity:
At the less senior levels, there's plenty of mobility to be found between engineering specializations. But to move up to supervisor ranks, you'll need several years of focused experience.

20. Construction Manager

Job Description:
Construction managers oversee building teams, ensuring projects are organized and on track for completion. They also do budget estimates, establish schedules, and mark out construction milestones.

Job Qualifications:
You'll need a university degree in civil engineering or construction technology. If you want to make it to manager, you'll have to work your way up through the ranks first.

Salary:
Construction managers are paid according to experience. They make a median salary of almost $80,000, which has increased 10 per cent over the past five years.

Career Opportunity:
There's been an upward trend in the number of construction managers in recent years, but it's employment heavily reliant on economic growth. A housing bust would hit this sector hard.

19. Computer Systems Manager

Job Description:
Organizations that use computer and telecommunications software - in other words, pretty much all of them - need someone to manage it. Computer systems managers are responsible for planning and organizing data processing, hiring and supervising teams of technical employees and controlling their departments' budgets.

Job Qualifications:
You'll probably need a bachelor's or master's degree in computer science, business administration, commerce or engineering. You'll also need several years of experience in the field.

Salary:
Computer systems managers make a median salary of $103,000.

Career Opportunity:
This is a fast-growing field, with 40 per cent more people working as computer systems managers in 2017 than there were in 2012. That may change as more people aspire to the position, however - five years from now, the government predicts there will be slightly fewer jobs than people looking for work.

18. Specialized Engineer (e.g. agricultural or naval)

Job Description:
These specialized engineers work in fields that wouldn't be the first to come to mind -agriculture, textile, biomedicine, and so on. But the work is still typical of an engineer: Managing processes, building equipment, supervising installation.

Job Qualifications:
To be an engineer, you'll need at least a bachelor's degree in a related discipline, or even a master's degree or PhD. After attaining a licence from the province or territory's association of professional engineers, spend three or four years doing supervised work, pass a practical exam, and you're golden.

Salary:
Specialized engineers have a median salary of $85,000 and rising, but since this category includes several different disciplines there can be considerable variation.

Career Opportunity:
While it's hard to move between engineering fields in this particular group (you're not going to see many biomedical engineers hop over to textiles), there is a lot of teamwork involving sales, science, and management, making it possible for engineers to move on to those areas later.

17. Mining & Quarrying Supervisor

Job Description:
A mining and quarrying supervisor oversees the workers extracting coal, minerals and ore out of the ground. They may operate heavy machinery, keep an eye on workers' safety, and do administrative work like ordering materials and supplies.

Job Qualifications:
You'll need to complete at least secondary school, with some advanced positions requiring you finish a college or university program in mining or engineering. It's typical to first spend several years in the positions that you'll be supervising. Many provinces and territories require a certification for positions like underground or coal mining supervisor.

Salary:
The median salary for this position is $80,600, and has seen a 25 per cent wage increase over the past five years.

Career Opportunity:
It's no secret that mining plays a big part in Canada's economy. The profession has seen a 19 per cent growth in employees over the past five years.

16. Telecommunications Manager

Job Description:
Telecommunications carriers employ managers to maintain their facilities and oversee their operations. A telecommunication manager may oversee network installation, direct switching systems, and ensure their systems comply with regulations.

Job Qualifications:
You'll need a university degree to match the field you're working in, on top of several years as a supervisor.

Salary:
The median salary for a telecommunications manager is $85,000, which has increased by about 6 per cent over the last five years.

Career Opportunity:
The vast majority of these services, operations and facilities managers are employed in Quebec and Ontario, according to Statistics Canada. While the Information and Communications Technology Council (ICTC) predicts growing demand overall for those in information communications technology, telecommunications managers are said to be in lower demand than the field as a whole.

15. Audiologist & Speech-Language Pathologist

Job Description:
Audiologists and speech language pathologists help people with hearing loss or communication disorders express themselves. You might work in a hospital or rehabilitation centre, or you could enter private practice. Job duties can include conducting diagnostic tests, developing rehabilitation programs for patients and doing research related to speech disorders or hearing loss.

Job Qualifications:
You'll need a master's degree in audiology or speech-language pathology. You'll also need to join the Canadian Association of Speech-Language Pathologists and Audiologists and you may need to register with a regulatory body, depending on what province you work in.

Salary:
The median salary for audiologists and speech-language pathologists is $83,000.

Career Opportunity:
This is a growing field, with 48 per cent more people working as audiologists and speech-language pathologists in 2017 than there were in 2012. The government predicts there will be slightly more jobs than job seekers five years from now.

14. Pilot & Flying Instructor

Job Description:
Pilots may be involved in air transport, or crop spraying, or aerial surveying, while flight engineers do pre-flight inspections and maintain systems and equipment. Flying instructors do what you'd expect: train new pilots or prepare them for licence examinations.

Job Qualifications:
Pilots and flight instructors must complete secondary school and be certified by a flying or aviation school. Different aircraft require different licences for pilots and flight engineers will need the Flight Engineer Licence from Transport Canada.

Salary:
The median salary for pilots, flying instructors and flight engineers is about $78,000, with a 12 per cent increase seen over the past five years.

Career Opportunity:
Few of the people who apply to flying schools actually get in-Quebec schools, for instance, only train around 150 to 200 pilots a year, according to Service Canada. The bar for training programs is high, making many candidates wash out of the program. Perhaps because of this, the government predicts labour shortages in the coming years. If you can make it to graduation day-no easy task-your job prospects are good.

13. Dentist

Job Description: You know what a dentist does - hopefully you're seeing one every six months. Dentists keep your teeth and mouth healthy by diagnosing, treating and preventing disorders.

Job Qualifications:
You'll need one to four years of pre-dentistry university studies or, in Quebec, a college diploma in the sciences. After that, you'll need a university degree from a recognized dental program. Plus, you'll need to be licensed by a provincial or territorial regulatory body. Moving into specialized practice requires additional training.

Salary: The median salary for a dentist is $77,000.

Job Outlook:
This field hasn't been growing very quickly, with just three per cent more people working as dentists in 2017 as there were in 2012. But five years from now, the government predicts there will be more jobs than there will be people looking for work.

12. Statistician or Actuary

Job Description:
As our devices and internet habits amass exponentially growing amounts of data, the demand for people who can make sense of it is growing. Statisticians and actuaries use mathematical techniques to build models that solve problems and predict behaviour and outcomes.

Job Qualifications:
You'll probably need a graduate degree in math or statistics.

Salary:
The median salary for statisticians and actuaries is $89,000.

Career Opportunity:
This is a fast-growing field, with 59 per cent more people working as statisticians and actuaries in 2017 than there were in 2012. Five years from now, the government predicts there will be an equal number of jobs and job seekers.

11. Air Traffic Controller

Job Description:
As an air traffic controller, it's your job to make sure traffic in an airspace is flowing correctly. You'll use communications equipment to monitor air traffic, issue takeoff and landing instructions and alert emergency services when there's a problem.

Job Qualifications:
You'll need a highschool diploma and a radio telephone operator's licence. You'll also need to complete a training program run by NAV Canada, a privately run, not-for-profit corporation that owns and operates Canada's civil air navigation system. You'll also need an air traffic controller's licence.

Salary:
The median salary for air traffic controllers is $85,000.

Career Opportunity:
This job has been growing at a breakneck pace, with 69 per cent more people working as air traffic controllers in 2017 than there were in 2012. The government predicts there will be 1.4 jobs for every job seeker five years from now.

10. Marketing & Public Relations Manager

Job Description:
As a marketing or public relations manager, you'll be responsible for a brand or organization's public image. Job duties could include planning and directing advertising campaigns, initiating and analyzing market research studies and maintaining relationships with the media.

Job Qualifications:
You'll need a university degree or college diploma in communications, public relations, marketing or journalism. You'll also need several years of experience under your belt in sales, marketing, public relations or a related field.

Salary:
The median salary for marketing and public relations managers is $83,000.

Career Opportunity:
There were 49 per cent more people working as marketing and public relations managers in 2017 than there were in 2012. The government predicts there will be an equal number of job openings and people looking for work five years from now.

9. Veterinarian

Job Description:
You probably wanted to be a veterinarian when you were six years old and our ranking suggests that was a forward-thinking idea. Veterinarians provide medical care for animals of all sizes, from the family dog to the giraffes at the zoo.

Job Qualifications:
Becoming a veterinarian is a lot of work. You'll need two years of pre-veterinary university studies, a four- or five-year university degree in veterinary medicine and successful completion of a national certification exam. Plus, you'll need a provincial licence to practice.

Salary: Veterinarians earn a median salary of $95,000.

Career Opportunity:
The number of people working as veterinarians increased by 17 per cent from 2012 to 2017. The government predicts there will be an equal number of job openings and people looking for work five years from now.

8. Banking & Credit Manager

Job Description:
If you love money - and being in charge - this may be the job for you. Banking and credit managers oversee the operation of financial institutions like banks and credit unions.

Job Qualifications:
You'll probably need a university degree or college diploma in business administration, commerce or economics. You may also need a master's degree for positions that require managing large commercial loans. In addition, there will probably be some management training programs to complete. Finally, you'll need several years of experience working in the industry before you're eligible.

Salary:
Banking and credit managers earn a median salary of $95,000.

Career Opportunity:
The number of people working as banking and credit managers dropped 8 per cent from 2012 to 2017. By 2023 the government expects there will be a balanced number of jobs and people looking for work, however.

7. Business Executive

Job Description:
Who doesn't want to be the big boss? This job category encompasses a variety of high-level positions at companies and organizations - chief executive, financial and operating officers, executive vice-presidents and executive directors. You'll need to make decisions about the organization's mission and how to allocate resources, and represent it at official functions.

Job Qualifications:
No one's going to hire you to be the CEO on the strength of your cover letter. You'll probably need a university degree in a discipline related to the organization's work, plus several years' experience as a manager in the field.

Salary:
The median salary for this job category is $107,000, but executives at major companies make much, much more.

Career Opportunity:
The number of people working in positions encompassed by this job category increased 46 per cent from 2012 to 2017. Five years from now, however, the government predicts there will be slightly fewer jobs than people looking for work.

6. Health Care Manager

Job Description: Take advantage of the huge growth anticipated in the health care sector as the population ages by becoming a health care manager. In this position, you'll oversee the delivery of health care services in hospitals, clinics, nursing homes and other environments. Health care managers are responsible for supervising health care professionals, recruiting new hires, planning and evaluating service delivery and setting budgets.

Job Qualifications:
If you're looking for a career change that involves minimal retraining, this is not the position for you. You'll need to have the same education as the medical professionals you oversee, which could mean years of gruelling post-secondary and residency training as a specialist physician or nurse. Once you pick a medical specialization, you're probably stuck with it - there's not much mobility between different departments.

Salary:
Health care managers make a median salary of $96,000, but that varies greatly depending on the type of health care service they oversee.

Career Opportunity:
The number of people working as health care managers increased by 26 per cent from 2012 to 2017. The government expects there will be slightly more jobs than people looking for work in this position five years from now.

5. Public administration director

Job Description:
Public administration directors oversee large branches of government services, ensuring that policies and programs are implemented. This means overseeing the development of said programs, monitoring and planning budgets, and hiring and training staff.

Job Qualifications:
You'll need at least a bachelor's degree in social science, law or business administration, on top of several years of experience in the field.

Salary:
The median salary is about $114,000, making it one of the highest paid jobs in government bureaucracy, with a 16% increase in wages over the past five years.

Career Opportunity:
Opportunities in this career are heavily dependent on the programs they're based on. Governments create and cut programs based on priority, spending and which party is in charge-making some positions less stable than others.

4. Pharmacist

Job Description:
Being a pharmacist isn't as simple as just filling doctors' prescriptions. It also means meticulously updating medical records, advising customers on how to take their medicine, hiring staff, and managing inventory.

Job Qualifications:
This job requires a degree in pharmacology. Once you've got that down, you need to complete an examination with the Pharmacy Examining Board of Canada (unless you're in Quebec), and a period of apprenticeship or internship. You'll also need to be registered as a pharmacist with your province's college.

Salary:
Pharmacists in Canada can expect a median salary around $104,000. Over the past five years, wages for pharmacists have increased by about 10 per cent.

Career Opportunity:
The Government of Canada predicts there will be a balanced number of job openings and people seeking jobs as pharmacists five years from now.

3. Pipefitting Supervisor

Job Description:
A pipefitting supervisor coordinates the heat, oil and water systems that run not just in your home, but in large industrial or commercial facilities, too. They order materials, schedule work activities and make sure everything's working safely.

Job Qualifications:
You'll need to finish secondary school at minimum, but after that, it's a path familiar to tradespeople: a period of apprenticeship, followed by certification, and several years as a fully qualified worker.

Salary:
The median salary for a pipefitting supervisor sits at about $83,000, but first, you'll have to receive lower pay as first an apprentice, then as a journeyman/woman. According to PayScale, an entry-level pipefitter can expect to make $28 an hour, while an experienced pipefitter has a median hourly wage of $40.54.

Career Opportunity:
Expect 1.25 open positions for contractors and supervisors in the pipefitting trades for every job seeker five years from now, according to Job Bank Canada. Over the past five years, the number of people employed in this job has increased 32 per cent.

2. Engineering Manager

Job Description:
Engineers need someone to tell them what to do and that someone could be you. Engineering managers plan, oversee and evaluate projects. They work in both the private and public sector in a broad range of environments, including consulting firms and scientific research companies.

Job Qualifications:
You'll need a bachelor's degree in engineering for most positions. You'll also need some experience under your belt as an engineer, ideally in a supervisory role. You'll also need to be licensed as a Professional Engineer (P. Eng.) by the province or territory you work in.

Salary:
Engineering managers earn a median salary of about $109,000.

Career Opportunity:
There were 78 per cent more people working as engineering managers in 2017 than there were five years before that, a significant increase. By 2023, the government expects there will be slightly more jobs than people looking for work as engineering managers.

1. Utilities Manager

Job Description:
Water, electrical power, natural gas-if it's a utility, this category of managers are taking care of it. Whether it's in the public sector or the private sector, utility managers are in charge of the facilities, plants, and distribution systems that bring the power to the people.

Job Qualifications:
A bachelor's degree or diploma in the corresponding field you'll be managing: electrical engineering for power utilities, oil and gas engineering for natural gas distribution, and so on. You'll need to be experienced as a supervisor before moving up, though.

Salary:
The median annual paycheque of a utility manager comes in at about $114,000, with broad variation based on what kind of utility and municipality you oversee.

Career Opportunity:
The government predicts that for managers in manufacturing and utilities, there will be 3,100 new job openings through 2023, with only 2,900 job seekers to fill them. That spells opportunity, but since these are senior positions you'll need to be able to demonstrate proven experience.

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Canada's Best Jobs 2018 - Top 25 Best Jobs - Canadian Business

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Whether you're fresh from school or looking to make a midlife career change, selecting the right job is always a challenge. It's a deeply personal decision-but perhaps we can make it a little easier by pointing you toward some intriguing opportunities.

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What surprised us most about this topic?

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What surprised us most about this topic?

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The law of supply can be seen in our everyday life and not only through economics (at least it may not always be seen economically). Economics run our world weather we pay attention to it or not and if you understand the law of supply and how it relates to demand you can apply it almost every situation you come across. For example; if you are setting the table for Christmas dinner and you have 10 dinner guests but only 5 table napkins your supply does not meet your demand; you need more napkins. As silly of an example as is, it is just one of many different ways economics can be applied to basic everyday life.

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It's easier to understand the law of supply in a sense of production of a product, but is also applies to a service. It is interesting to know that if a Dentist is gaining business it can depend on a number of factors.If one Dentist has closed due to renovations, the other dentist in town attracts more business because the supply of dentistry has decreased and is thus in higher demand. Now this dentist who has attracted new business, would choose to raise his prices for cleaning because it is in higher demand and people will pay for the service because it is needed. However, he could also choose to drop his prices in anticipation of the other dentist raising his price after renovations to keep his new customers. This simplistic example demonstrates both supply and demand in how they may relate to as service instead of a physical product. This is interesting because it briefly demonstrates how  the law of supply is like a cycle that never stops and directly relates to the law of demand which circulate and depend on one another to exist.

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Economics, as a complex and interrelated system, is always changing. That is what makes it such a constant factor of our developing world. The most important thing to remember about economics, in regards to the law of supply, would be that supply and demand become a cycle - one supporting the other - and without it, the economy would fail. Therefore, it is our responsibility to ensure that the economy is always healthy - meaning our inflation and employment rates should be balanced, and our gross domestic product growth rate is sustainable. Once we are sustainable, we have the opportunity to grow and become increasingly stronger in the future.