Chapters 16 & 17 Application – Resource Demand and the

Labor Market
1. As you prepare for a career, explain how you will differentiate yourself from others in the
job market in the following categories.
 Major/knowledge. - I have a consistently knowledge on how it works the
economy and with that knowledge take an advantage of others
 Skills. – I know how I can make a forecast and take margin utility marginal
revenue, etc.
 Values. – Now I am better prepared to separate from bad things (corruption,
monopolies, and others)
 Experiences. – I had great experiences taking the stocks and analyzing why and
how the movements affects the economy.
2. Identify the career you want to have upon graduation and discuss the skills required.
Business Management degree. The skills required in this career are vision to overcome the
problems of the business. Knowledge and almost some domination of numbers, including math
and economy, graphs etc.…
3. Find the average starting salary and midcareer salary for your major and indicate how it
compares with other majors.
 https://www.payscale.com/college-salary-report/majors-that-pay-you-back
 https://cew.georgetown.edu/wp-content/uploads/2014/11/whatsitworth-
complete.pdf
 http://www.campusgrotto.com/average-starting-salary-by-degree-for-2009.html
a. If your major pays less than you have the potential of making, is it OK to continue in
that major? Explain why or why not?
Well, the potential in the career of business is relative. The median is around $60K but there
are others that overcome the barrier of the million dollars per year. My intention with the
knowledge that I am acquiring during my path as student is to apply in my own business and
try to grow as much I can. That is why I choose this career.

4. President James E. Faust said: “My dear young friends, there is another great truth that you
young men must learn. It is that everything has a price. There is a price to pay for success,
fulfillment, accomplishment, and joy. There are no freebies. If you don't pay the price that is
needed for success, you will pay the price of failure. Preparation, work, study, and service are
required to achieve and find happiness. Disobedience and lack of preparation carry a terrible
price tag.” (The Devil's Throat)

 Explain how President Faust’s quote relates to your education and career, and
how the major you select will impact your lifestyle?
Absolutely agree. And I appreciate too much to have this quote, I grab in my mind and in my
phone. It is true, specially in my career I must be willing to pay the price to overcome the
issues and obstacles of my business until grow and have success. I cant give up, preparation,
study and work hard with the help of God will be the key of the success.