...Checkpoint: Historical Example of Labor Supply and Demand Desiree Brownell XECO 212 2/15/2013 I chose to do my supply and demand response addressing the great depression. The great depression was a worldwide economic depression that started around 1929 and continued until about 1939. So far the great depression was and is the longest and most widespread depression that America has ever seen. During this particular point in history the demand for labor was higher than the demand for supply. America went through huge layoffs, employees were working for less, and companies where not hiring anymore. On October 29, 1929 the stock market crashed and there was billions of dollars lost by large businesses. The day the stock market crashed is still considered one of the defining factors and many hardships of the great depression. The impact on supply and demand of labor on one sector of the labor market- One of the biggest impacts of the supply and demand sector of the labor market was unemployment. 25 percent of all workers and 37 percent of all nonfarm workers were completely out of work. Employers were no longer hiring and could not afford to keep as many employees. Businesses where declining, therefore they were unable to pay as many employees wages and could not hire either. The factors that affected the labor demand and labor supply in the great depression where as I mentioned before unemployment, stock market crash, businesses no longer hiring, and employees were working...
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...212 John McGee Tracey Mariner September 9, 2011 CheckPoint: Historical Example of Labor Supply and Demand In this assignment, I was asked to chose a historic event and describe the event in terms of labor supply and demand. The historic event I chose was the Great Depression. This era spanned for 1929 thru 1939. Not only was the Great Depression happening there was also World War II. The great depression was a time in America where the demand for labor was higher than supply. The Law of Supply was the more the wages were for labor the more people would want to work. The Law of Demand was the higher the pay; employers would hire fewer employees. This was not the case during the great depression, the Law of Supply showed that the lower the wages went, the fewer the employees. During the great depression the main problems were that, employers were not hiring because their business were not doing good and the decline in goods being bought and sold. During this time, goods were not being bought because there was such a high unemployment rate and people just did not have the money to buy the goods that these companies were developed. Towards the end of the war, America was heading for a change and businessmen started to rebuild/build plants. This created jobs for the unemployed and slowly began the process of moving forward. During this time there was a great demand for planes, tanks, and boats, which allow for even more employment opportunities. Once...
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...Checkpoint: Historical Example of Labor Supply and Demand Aaron Rhome XECO/212 11/17/12 Jim Vernon Checkpoint: Historical Example of Labor Supply and Demand The era of American history known as the Great Depression represents the bleakest chapter in the history of the economy United States. A series of events culminated into the largest economic downturn in known history, with no end in sight. Following the stock market crash on September 3, 1929 millions of Americans rushed their banks to withdrawal their funds before their bank collapsed. Their actions caused many more banks to fail and limited the availability of credit to businesses. This lack of credit combined with reduced consumer spending lowered the demand for labor and unemployment skyrocketed as a result. At the outset of the depression domestic and foreign demand for automobiles had turned American auto manufacturing was the biggest industry in the world and was the driving force behind the U.S. economy (McCarthy, 2012). As thousands of banks and other companies closed or slowed production unemployment levels skyrocketed to a height of 25% by 1933 (Croft Communications, 2012). The increased supply of available labor coincided with a decrease in demand for automobiles resulting in a labor equilibrium that required fewer workers and lowered wages. According to McCarty (2012), “During the early 1930s, hundreds of thousands of workers...
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...Historical Example of Labor Supply and Demand Darrell Scott Puehler XECO/212 April-13, 2012 Mathewos Kassa Historical Example of Labor Supply and Demand The Black Death was the largest demographic disaster in European history. Known as the "great pestilence," the Black Death arrived in Italy in late 1347 and made a clockwise movement across the continent where it eventually died out in the Russian hinterlands in 1353 (Routt, 2010) . It had a major impact on the demand and supplies of labor of the European economy especially the agricultural sector of the European job market. Because of the devastating effect of the Black Death, was not felt for a generation the supply for labor was plentiful due to the fact of the peasant population. If one peasant worker fell to his or her death during the onslaught of this pandemic disaster, then another was easily found to replace the lost worker. However, one generation later the effects of the Black Death on the labor market began to take shape. By the 14th century, the agricultural revolution and good climate had provided a high demand for land in England, which meant more workers were needed to farm this land thus, raising the demand for agricultural laborers (Peschke, 2007). However, the effects of the Black Death were finally realized. There was just too much land and not enough workers. The Black Death caused the supply of these workers to decrease and the resulting effect of the decrease in supply and the increase of demand...
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...C ECO365 The current market conditions for this unique and original product is limited by the supply. The ever-increasing crime rate, the heinous crimes against children, and the American love of technology are prime for this IP bracelet. The Competition JMC Electron Co., Ltd. is a professional manufacturer and exporter of home security products located in Shenzhen, China. It incorporated and opened its doors in 2000. Reported sales are 100,000 to 500,000 USD. The CEO is Michael Lee. They specialize in 2.4G and 1.2G AV color wireless cameras, IP cameras, and other safety products. Specifically, the 2.4Ghz Video Baby Monitor with motion sensor, 2.5" LCD and night vision in the shape of an apple is a competitive comparison. Their safety products are sold using sales teams as opposed to individuals. JMC also employs worker teams to satisfy customer's potential needs like OEM service. They are one of the leading suppliers of wireless cameras in China at present. Their claim in marketing is customer satisfaction as the goal. Improving the quality of life is the target (Arco Infocomm, 2012). They market their products on Amazon. They advertise on several search engines such as Google and Bing. Supply, Demand, and Equilibrium There are several factors affecting the supply, demand, and equilibrium of the market for JMC. As a manufacturing company, labor is very cheap in China. This gives a competitive edge over an American company. However, the average income...
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...Sheet-08 Methods of Wastage analysis 1) Labor Turnover Index This index indicates the number of leavers as percentage to average number of employees. Average number of employees employed in a given time period is decided by adding the employees at the beginning and end and then dividing the same by two. Example: At the beginning of a year, a firm has 250 employees, while at the end it has 230. Assume no recruitment has been made in between. a) Compute the labor turnover rate. b) If 5 people have been recruited during the year, determine the new labor turnover rate. Answer: a) ➢ No of employees leaving = 250-230 = 20 ➢ Average no of employees employed = (250+230)/2 = 480/2 = 240 ➢ Labor Turnover = No of employees leaving / Average no of employees employed = 20/240×100 = 8.32% Answer: b) ➢ No of employees leaving = {(250+5)-230} = 20 ➢ Average no of employees employed = (255+230)/2 = 485/2 = 242.5 or 243 ➢ Labor Turnover = No of employees leaving / Average no of employees employed = 25/243×100 = 10% Methods of Cohort analysis 2) Cohort Analysis Example: Assume number of people engaged in a firm in the beginning of a year as 500 and number of leavers for different length of service as under: |Year |1st Year |2nd Year |3rd Year |4th Year |5th...
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...Historical Example of Labor Supply and Demand Kaylin West XECO 212 August 23, 2013 Roger Pae Historical Example of Labor Supply and Demand The Great Depression started in 1929 ending ten years later in 1939. The Great Depression was known as the deepest and longest-lasting economic downfall in the history of the Western industrialized world. The Great Depression began after the stock market crashed in October 1929, which sent Wall Street into a panic and wiped out millions of investors. Several years passed where the consumer spending and investments dropped causing steep declines in the industrial output making employment rise. In 1933, the Great Depression had reached its lowest point and thirteen to fifteen million Americans were unemployed and nearly half of the country’s banks had failed. (The Great Depression, 2013) Prior to the Great Depression farms and factories produced large amounts of goods and products for the American people. On average people wages stayed the same even as prices for these goods soared. People who lived and worked on farms had even less than the people who lived in urban areas. When the Great Depression started the farms were the ones who were hit the hardest with the fall of economic times. People did not have money so they stopped buying products but farms were still producing at the same rate. As the farmers realized less people were buying, they cut back production and had to lay off employees. The layoffs continued until a twenty-five...
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...on the supply and demand of labor on one sector of the labor market? The impact on supply and demand was critical in the Luddite revolt. It all begins in 1779 when the failure of a Bill to regulate the frame-knitting industry had resulted in 300 frames being smashed and thrown into the streets. This is where the shortage of the supply begins. Then, by 1810 the Orders in Council and a change in fashion had led to deterioration in the standard of craftsmanship required in stocking making and a consequent cheapening of the trade. It was the attempt to intimidate some masters who brought in the new machines that caused Nottingham stocking knitters to smash the machines. (http://www.victorianweb.org/history/riots/luddites.html) Then the impact on the demand of Stocking knitting became predominantly a domestic industry, the stockier renting his frame from the Master and working in his own 'shop' using thread given to him by the Master; the finished items were handed back to the Master to sell. The frames were therefore scattered round the villages; this cause the demand to increase it then became easy for the Luddites to smash a frame and then disappear. Between March 1811 and February 1812 the supply of frames had been affected. About a thousand machines at the cost of between 6,000 and 10,000 were smashed. This had a damaging impact on the supply and demand (http://www.victorianweb.org/history/riots/luddites.html) Explain the factors that affected labor demand and labor...
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...Labor Supply and Demand: The Great Depression What was the impact on the supply and demand of labor on one sector of the labor market? Explain the factors that affected labor demand and labor supply in the chosen historical example. The Great Depression was one of the worst economic pitfalls in US history. It has had long lasting effects on the state of the economy ever since it’s occurrence in 1929. During this time, the demand for labor had increased greatly, however the supply of jobs was quite the opposite. The Law of Demand was the higher the pay, but in contrast employers were unable to hire the number of employees needed to meet the demand of the business. This showed that the lower the wages dropped, the number of employees also dropped. Employers responded by hiring more employees at the lowest wages possible to increase the number of employees to try and keep up with production. The main problems occurring during the Great Depression was that employers were not hiring employees because the business itself was not successful enough during that time to pay its employees, and as well products were not being bought on the markets to produce enough revenue. Consumers were obviously unable to purchase any goods due to the high rate of unemployment and the limited income they had. The United Stated suffered great financial losses during the Great Depression. This was due in part to a cut back in jobs in the industrial sector of the labor market without a decrease...
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...economic environment while reducing its labor related costs as well as many other expenses indirectly associated with its employees. It is further stressed that talent and its acquisition are to be treated as investments not costs of doing business. It is argued that a single most important factor in order to ensure an organization’s strategic goals are met, is its ability to hire the right people at the right time in order to enhance the firm’s return on its investment. The authors then further expand on this theory by defining a set of common goals for staffing forecasting and planning activities that can benefit any company in any industry and economic life cycle. In addition, the book discusses the importance of understanding a company’s strategy, goals and competition in order to identify what type of talents will the firm need and when. “Ensuring that the right people are in the place at the right time, requires understanding and forecasting the firm’s labor demand and maintaining an awareness of relevant pipelines of labor supply and talent. Action plans can then be developed to address any gaps between labor supply and labor demand.” (Jean Phillips, 2010) Once the common goals of staffing forecasting are determined for a given firm, then the process begins by first determining the demand and supply for the labor depending on the company’s line of business and its overall strategy. Following this process, any gaps between supply and demand should be identified and action plans...
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...). Here is a list of resources that can be used to gather historical economic date as well as forecast data; Bureau of Economic Analysis, Bureau of Labor Statistics, U. S. Department of Labor, U. S. Census Bureau, National Association of Purchasing Managers, Survey Research Center, University of Michigan, Standard & Poor’s, S&P 500, and the Federal Reserve. In the report we will focus on the Bureau of Economic Analysis, quantitative and qualitative forecasting, and Bureau of labor statistics. Bureau of Economic Analysis Bureau of Economic Analysis is the federal agency responsible for measuring the United States economy. BEA is responsible for what is produced, what is earned and how it is spent ("What Is the U.S. Bureau of Economic Analysis?" 2012). BEA provides a variety of economic statistics concerning national, international, and regional economic activity. BEA also provides statistics decisions that are influenced by government officials, businesspeople, households, and individuals. The Bureau of Economic Analysis contains both quantitative and qualitative forecasting factors. The Bureau of Economic Analysis is responsible for measuring the economy as well as providing quality information. The Bureau of Labor Statistics The bureau of labor statistics is a Federal agency that keeps track of labor market activity. The bureau of labor statistics measures the activity associated with the labor activities by collecting data via surveys and other methods...
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...Historical Examples of Labor Supply and Demand Great Depression XECO212 April 6, 2012 One of the most severe disastrous economic incidents that ever happened was called the great depression, which, had formed in 1929 and lasted until 1939. The Great Depression caused many businesses to drastically reduce spending in order to remain profitable, which in turn decreased the demand for labor. There was an excess supply of labor, since many companies lay off workers in order to maintain a normal profit. “The unemployment rate had reached almost 25%; certain sectors, such as certain industries, had unemployment rates of almost 30% to 35%”(Carey Nelson) because of less spending and demand and hence of production. During the great depression the labor demand was decreased and the labor supply was increased, this could have happened by so many A factor, such as productivity was decreased and a decrease in profits by many employers; which this had caused a decrease in demand for labor during the Great Depression. Additionally, the rising wages that occurred until the Great Depression increased the supply for labor as many Americans dreamed of living in a middle class life. Unfortunately, the increase in wages did not follow the increase in supply of labor, leaving many potential employees jobless during the Great Depression. The decrease in the amount of disposable income was also an issue, as many Americans became bankrupt after the...
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...XECO/212 Week 3 Check Point Historical Example of Labor supply and Demand: The Technology Boom of the 1990’s Today in 2013, I am 35 years old. You could pretty much say that I grew up during the technology boom of the 1990’s. Supply and demand, in my opinion served these times well. If you looked at the economic trends in the early 1990’s you see that these robust economic times started in March of 1990 and ended in recession in March of 2001. In 2001 President George W. Bush was commander in chief. The eight years of economic growth was during President Bill Clinton’s time in office and the technology economic trend grew from a pebble to a boulder. Jobs were plentiful and the stock market was thriving. This really had all supply and demand markets clicking on all cylinders. My take on supply and demand during the 90’s tech boom era is simple. New technology de4velopments came about slowly and then took off like a rocket ship in several forms. Home video game consoles, cellular phones, VHS and DVD formats, stereos, computer and vehicles all received a dramatic make over in the 1990’s The demand for more of these technological device formats became higher and higher at this point in history. The satisfaction of this demand required more development and manufacturing expansion. Factories needed to built or expanded. This construction need required more workers to be hired. The prosperity of construction in the 1990’s fed and strengthened the economy. Companies like Nintendo...
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...Question 1 4 out of 4 points An example of a time series data set is one for which the: Selected Answer: Correct data would be collected for a given firm for several consecutive periods (e.g., months). Correct Answer: Correct data would be collected for a given firm for several consecutive periods (e.g., months). Question 2 4 out of 4 points Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example? Selected Answer: Correct survey techniques and opinion polling Correct Answer: Correct survey techniques and opinion polling Question 3 4 out of 4 points If two alternative economic models are offered, other things equal, we would Selected Answer: Correct select the model that gave the most accurate forecasts Correct Answer: Correct select the model that gave the most accurate forecasts Question 4 4 out of 4 points The use of quarterly data to develop the forecasting model Yt = a +bYt−1 is an example of which forecasting technique? Selected Answer: Correct Time-series forecasting Correct Answer: Correct Time-series forecasting Question 5 4 out of 4 points Time-series forecasting models: Selected Answer: Correct are based solely on historical observations of the values of the variable being forecasted Correct Answer: Correct are based solely on historical observations of the values of the variable being forecasted Question 6 4 out of 4 points ...
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...HR Plan-08s The HR Planning Process I. HR Forecasting: Meaning II. Forecasting Activity Categories III. HR Forecasting Time Horizons IV. Determining Net HR Requirements I. HR Forecasting: Meaning HR forecasting constitutes the heart of the HR planning process. It can be defined as ascertaining the net requirement for personnel by determining the demand for and supply of human resources now and in the future. After determining the demand for and supply of workers, the organization's HR staff develop specific programs to reconcile the differences between the requirement for labour in various employment categories and its availability, both internally and in the organization's environment. Programs in such areas as training and development, career planning, recruitment and selection, managerial appraisal, and so on are all stimulated by means of the HR forecasting process. II. Forecasting Activity Categories Forecasting activity can be subdivided into three categories: • transaction-based forecasting, • event-based forecasting, and • process-based forecasting. # Transaction-based forecasting analyses focus on tracking internal change instituted by the organization's managers. # Event-based forecasting is concerned with change in the external environment. # Process-based forecasting is not focused on a specific internal organizational event but on the flow or sequencing of several work activities (e.g., the warehousing shipping process)...
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