Chapter 1 Blog

"Go west...to get rich", Toronto Stars, October 31, 2006

this articles refers to advice of getting rich or at least a bigger pay raise. During the past years, in the Western parts of Canada, economic growth for provinces was recorded. According to a survey conducted by the Conference Board of Canada, workers in the western provinces, especially Alberta will receive the biggest pay raise in 2007. Furthermore, the shortage of workers in Alberta for the oil and gas industries has further pushed the pay raise for the talented workers. Most of the workers will be expecting a pay raise, with the oil and gas sector expecting a 6% increase and with the telecommunications and the communication expecting the least with a 3.2 and 3.0% increase. Some companies differ from a pay raise of 1 - 30% pay raise to keep talented workers in the company. Even though this might be hard on some companies, but it’s worth it.

Relation to Chapter 1 - Introductory Concepts

This relates closely to what we had learnt in chapter 1. As the gas and oil sector receive a better pay raise, it is because they don’t have enough workers working for them. As there are less and less skilled workers, the demand and the price companies are willing to pay for a worker is increasing. As we can say, skilled workers in the gas and oil sector are scarce. So it would be worth it if someone wants to plan on working in the gas and oil sector. We can also use opportunity costs to calculate that is it worth planning a future career in the oil and gas sector. One of thing major things that Canada is missing right now is the need of skilled workers. The trades is being more attractive with its high pay; therefore attracting more skills people. This will definitely have a positive effect on the market. With more skilled workers, there would be more people employed and less competition for other business sectors. This would help reduce the amount of people that are unemployed and improve the living standards for people around the country; therefore, leading a better economy throughout Canada where everybody is benefitted.