Choosing the best career option is important and macroeconomic issues should be considered because one is required to choose the best option by considering aspects such as cost of education, employment rates among other demographics. Economic theory offers useful insights into the optimization of the education level based on the notion that marginal benefits from training ought to be equivalent to the marginal cost of the training at the optimal education level (Ehrenberg & Smith, 2016).

Jenny is a keen high school student who is seeking for the best career choice in future. According to her, medical doctor career is the excellent choices. However, she is worried because of the high expenses of acquiring medical education and the number of hours one has to study in order to be allowed to practice medicine. This report will evaluate the different macroeconomic factors that comes into play before one becomes a medical doctor and make the optimum decision for Jenny.

Macroeconomic Issues to help in Career decision-making process

Demand and Supply of Labor

Demand for Physicians

Labor is determined by its demand and supply just like any other commodity in the market. When the demand for healthcare services increases, the demand for doctors also increases. Demand for physicians is directly affected by economic growth. Economic development implies that more and more people will required healthcare services. This implies that more and more doctors will be needed to offer the services. This results in an increase in demand for physicians in the market. The demand for labor is also dependent on the wage rate.