1) The Canadian labour market is regulated by both the Federal Government and the Provinces. Here is a list of five different occupations:

1. Bank Workers
2. Real Estate Agents
3. Airline workers
4. Restaurant workers
5. Teachers

Identify which of these occupations are regulated by the Federal government and explain why.

2) Assume you are a sales manager who has to decide whether an additional salesperson should either to be hired and if so in which of the company's twelve sales districts should that person be employed. Recall that Profit = Revenue - Costs. Name and describe the most relevant economic concept you might use to make your decision? Explain how you would justify your decision to your boss using this concept.