Business

Research
Report

Pranisa Siriyakul

144930229

BAM101-NZR

October 17, 2022

Professor David Collens

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CONTEXTS

Article..............................................................................................................................................3

Summary..............................................................................................................................3

Business Topic Analysis…..................................................................................................3

Business Term......................................................................................................................3

Personal Impact................................................................................................................................4

Works Cited ....................................................................................................................................5

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ARTICLE

Summary
I choose the article under the newspaper “September jobless rate falls to 5.2%”
published by Torstar Syndication Services, a Division of Toronto Star Newspaper Limited, in
Toronto, Ontario in October 2022.

The article explains the demand-supply imbalance for labor in Canada during the past
few months. It shows the unemployment rate has been decreasing due to fewer people looking
for jobs. On the other hand, the employment rate has been increasing because of lost workers in
the system. Job search has decreased after the opening of the fall. So, the demand for workers is
growing in the economy with more than 21,000 jobs. In the meantime, the government has raised
interest rates to tame high inflation. Due to raising interest rates in the system, TD Bank expects
that this will cause the unemployment rate to increase accordingly.

Business topic analysis

The article is related to chapter one of the textbook under the title “Introduction to
Business” and is related to the topic of supply and demand. Supply and demand are fundamental
concepts used to describe the relationship between buyers and sellers in competitive markets.
Demand and supply are the fundamental factors that affect the price of goods in the market. This
will change according to the demand for products in each period.

According to the article, we can relate that there is an imbalance between labor demand
and job search. Labor demand is increasing while job search is declining. Therefore, this
imbalance will cause excess supply and this will affect the need for labor will be overwhelmed.

Business Term
One of the business terms is a demand which is defined as “Demand is the quantity of
good or service that people are willing to buy at different prices. When the price is higher, the
quantity of demand decrease.” (Wage 23.1)

Another business term is a supply which is defined as “Supply is the quantity of good or
service that business wanted to sell at different prices. When the price is higher, the supplier will
supply more.” (Wage 24.2)

The last business term is inflation which is defined as “Inflation is the average of all
prices of goods and services is increasing while purchasing power is decreasing.” (Wage 18.3)
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Personal Impact
I realized that the mechanism for allocating resources in the market between demand,
supply, and the price is useful to all groups of people, not only those in the business as it can be
used to analyze almost every aspect of our daily lives such as food consumer, goods or traveling
to work.

Seneca library is like a knowledge store where you can find a variety of information
quickly and easily. And I have learned how to search the right way and get the most out of it.

I chose this topic because I understand the current economic situation and how the labor
demand market has greatly influenced the economy. Because it is one of the main factors driving
the country's economy.
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Personal Impact

Wade, Michael. Introduction to Business. Adapted for Seneca College, BAM101, n.d.

“September Jobless Rate Falls to 5.2%: StatCan Says Gains in Education, Health Care and Social
Assistance Offset by Losses in Other Sectors.” Toronto Star., 2022, https://doi.org/info:doi/.