Who Are Buyers And Who Are The Sellers In The Labour Market?
Quiz #1 – answer the following questions in the spaces provided. Out of 40 Marks Value = 15% of your final mark.In Economics 1 we learned that the Canadian Economy is comprised of BIG (Business, Individuals, Government) and that economics is the study of how these 3 groups make decisions on how we utilize or country’s resources. In Canada we have a mixed-market economy in which the government plays a big and important role in our economy and the welfare of our great country! In this course we will be learning about the Labour Market and the Economy. The first week of class we have reviewed some basic Economic principles. The focus of this course will be on Labour Economics. 1. In all markets there is a demand (buyers) and a supply (sellers) side to the market in the Labour Market a. Who are the buyers and who are the sellers in the labour market? (2 marks) b. On the labour market graph what is on the vertical axis? (1 mark) c. Explain your understanding of the circular flow of money concept? (2 marks)
2. We talked about the labour market in class and discussed that we could have a labour market shortage which in essence is a market situation in which Labour Demand is greater than Labour Supply. As, an HR professional identify and explain to me one HR strategy that you think might be able eliminate/lessen a labour shortage? (3 marks) 3. A labour surplus is the opposite of a labour shortage Labour Supply is greater than Labour Demand. As, an HR professional identify and explain to me one HR strategy that you think might be able eliminate/lessen a labour surplus? (3 marks) 4. This course will expand on 3 core concepts HRM (Human Resource Management, LR (Labour Relations), LMA (Labour Market Analysis) – explain the differences between these 3 concepts with the use of an example for each topic. (6 marks)
5. Identify and explain the significance of the following concepts/terms with the use of an example for each term. (3 marks for each term)
Opportunity Cost
Quasi-Fixed Labour Costs
Derived Demand
Law of Diminishing Returns
Demogrant
6. Identify the 4 steps in the HR Planning Process (4 marks)
7. Explain the two concept’s below: (2 marks each) A) “ The Labour – Leisure Decision”
B) “ Human Capital”
In Economics 1 we learned that the Canadian Economy is comprised of BIG (Business, Individuals, Government) and that economics is the study of how these 3 groups make decisions on how we utilize or country’s resources. In Canada we have a mixed-market economy in which the government plays a big and important role in our economy and the welfare of our great country! In this course we will be learning about the Labour Market and the Economy.
The first week of class we have reviewed some basic Economic principles. The focus of this course will be on Labour Economics.
1 In all markets there is a demand (buyers) and a supply (sellers) side to the market in the Labour Market
* Who are the buyers and who are the sellers in the labour market? (2 marks)
Firms and industries require human capital for their various production processes. They are the buyers in the labour market while individuals who offer to work in those firms are the sellers.
* On the labour market graph what is on the vertical axis? (1 mark)
On the vertical axis is the wage rate.
* Explain your understanding of the circular flow of money concept? (2 marks)
The concept circular flow of money is used to depict the interdependencies of various factors in the economy. This concept illustrates the reality of how money flow from the firms to the employees in terms of wages and salaries but again the employees spend the same money to buy the products from the firms and the circle continues.
2 We talked about the labour market in class and discussed that we could have a labour market shortage which in essence is a market situation in which Labour Demand is greater than Labour Supply.
As, an HR professional identify and explain to me one HR strategy that you think might be able eliminate/lessen a labour shortage? (3 marks)
The deployment of technology in the production process has become a key factor in every firm. Technology is replacing human labour at a very high rate. Therefore, to effectively curb the fears of labour shortage, technology should be cantered on areas that require less human intervention while human capital gets concentrated on area that much need the human intervention. In this manner we can tackle labour shortage by ensuring that technology aids in areas that do not necessarily need human intervention.
3 A labour surplus is the opposite of a labour shortage Labour Supply is greater than Labour Demand.
As, an HR professional identify and explain to me one HR strategy that you think might be able eliminate/lessen a labour surplus? (3 marks)
Deploying 24 hour economy strategy. In this strategy the employees are divided into different shifts so that half of them report to work during the day while the other half report to work during the night. In this manner, we shall eradicate cases of overworking employees which tends to lower the quality of products while increasing productivity of the organizations. Also, the organizations shall have recruited a large number of employees and therefore lessening the labour surplus menace.
4 This course will expand on 3 core concepts HRM (Human Resource Management, LR (Labour Relations), LMA (Labour Market Analysis) – explain ...