Article

S ummary

Scarcity a nd D ecision M aking

Summary:
CANADAS COMING ECONOMIC HEADACHE: A
SERIOUS SHORTAGE OF SKILLED WORKERS

Clare Clancy, The Canadian Press | June 25,

2014 10:57 AM ET

TORONTO A shortage of skilled workers will

be one of Canadas greatest future economic
challenges, Employment Minister Jason
Kenney told a skills summit Wednesday.
The conference held in Toronto brought
together stakeholders to discuss the labor
market, employee training and those underrepresented in the labor force.
Its necessary that an informed national
discussion take place about the condition of
Canadas labor market, in order to address
future skills gaps, Kenney said.
We can acknowledge that we have inadequate
labor market information and we need to do a
fundamentally better job of getting granular
information by region and industry, he said.
Skills shortages are looming in specific sectors,
he added, but its not a market-wide issue. The
construction, mining and petroleum sectors are
examples of industries that will face serious
shortages of skilled workers over the next
decade, he said. Skills Canada has estimated
that one million skilled trade workers will be
needed by 2020, Kenney pointed out.
We know we have these huge investments and
opportunities, particularly in a huge swath of
northern Canada, through the massive
multibillion-dollar investments in the extractive
industries that will require tens if not hundreds
of thousands of skilled workers who are not
currently available, Kenney said.
Stephen Cryne, head of the Canadian Employee
Relocation Council, said discussions about skills
shortages are often shortsighted.
Were competing on the global stage for talent.
Its needed to drive our economy forward, he
said, adding that shifting demographics, the
globalization of trade and new technologies are
worldwide concerns.

This article overviews a conference that was held in

Toronto, which brought together many authorities to
examine the labor market, employee training and those
under-represented in the labor force. M oreover as
matters progressed it was necessary for a discussion to
take place and improve the condition of Canada's labor
market, in order to address the shortage Canada is
facing, Kenney said. Furthermore the youth has lost
interest in the skills trade, which is a very compulsory
field for Canada, continued Kenney. Although the
shortage is affecting the world, the skills shortages are
looming in specific sectors, but it's not a market-wide
issue. Likewise, the construction, mining and petroleum
sectors are illustrations of industries that will face
serious shortages of skilled workers over the next
decade. Additionally, Skills Canada has estimated that
one million skilled trade workers will be needed by
2020. Skills Canada also states that they have these
massive investments and openings that will demand
thousands of skilled workers. In 2012 a study w as taken
and it was determined that by 2020, the global economy
could see 90 to 95 million more low-skill w orkers than
employers will need. All in all, Canada is facing a very
severe shortage and w ill have to address this issue
greatly in order to key their economy running smoothly.

Economic Concepts:
This article relates to scarcity and decision making in
many ways. To begin with it discusses the shortage
Canada is facing which reflects the idea of scarcity: the
ability for economies to use their limited resources to
complete unlimited needs and wants. It also illustrates
the concept of decision making because Canada has to
overlook their opportunity cost and loss and make a
decision on how to populate the labor sector nation-
wide. This article also examined the labor aspect out of
three big three economic topics. Since labor is a very
key aspect of the economy Canada can face severe
problems if this shortage is not dealt with, it also sated
some intangible services that were construction,
mining, trucking etc. Over all this article efficiently
relates to our unit: scarcity and decision-making.