ncome on other goods or services. Economics is the social science concerned with the official use of limited or scarce resources to achieve maximum satisfaction of our human wants, and higher gas prices are causing consumers real income to be lower and consequently our maximum satisfaction to be harder to achieve. To conclude, after absorbing all of this information from the June employment report, some interesting observations come to my mind. We have learned in class that at a certain price, markets will be stable, or in a state of equilibrium. If the labor supply continues to be strained and the demand for workers continues to increase due to high spending by consumers, what will be the result? It seems only reasonable that the wages of workers will be pressed upward. Also, the article talked about how the available workers are being absorbed because of the high demand for labor. Coupled with the increase in wages and the possibility of inflation, a lack of labor available seems to create a problem with price stability. One possibility to fix this problem could be to slow the labor demand or economic growth in some way, which seems to be steps in the wrong direction. Unless businesses slow down the hiring of workers, these are possible consequences that may occur in the future. ...
