Logistic Growth
This knowledge is used in careers such as:
Teacher (Teaches Students) ~$55,000 - $95,000 - Number of jobs: 4,700,000 (324,500 Openings Per Year) +2% Growth
Doctor (Diagnoses and Treats Patients) ~$200,000 - $350,000 - Number of jobs: 840,000 (24,000 Openings Per Year) +3% Growth
Civil Engineer (Designs Infrastructure) ~$65,000 - $110,000 - Number of jobs: 370,000 (23,600 Openings Per Year) +5% Growth
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Example:
Imagine trying to start a new social media account from scratch. At first, gaining followers is slow because only a few people know you exist, but as more people start to follow and share your content, your follower count begins to grow rapidly. However, eventually, this growth will slow down as you reach a saturation point where most interested people are already following you. In this analogy, the initial challenge of gaining followers represents the slow start of a population's growth, the rapid increase in followers as your account becomes more popular mirrors the exponential growth phase, and the eventual slowdown as your account matures and reaches most potential followers reflects the slowing of growth as resources become limited.
Practice Version
Logistic Growth: When population growth starts slow, then sees exponential growth, then slows again. Logistic growth. Logistic growth is when a population grows quickly at first, then slows down as resources become limited and carrying capacity is reached.