Forecasting the Supply of Labour Involves Two Tasks

question 33

Short Answer

Forecasting the supply of labour involves two tasks. The first task is to forecast
future organizational plans.
the number and type of employees who will be in the firm at some future date.
general economic trends.
trends in past HR usage.
demand for certain types of employees.

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum combination of two goods or services that can be produced with available resources and technology.

Units of Guns

A quantification measure commonly used to denote the production or stockpile of firearms or, by extension, military capacities.

Units of Butter

A measure of quantity for butter, which can be used in economic examples to illustrate the concept of trade-offs or opportunity costs.

Opportunity Cost

The expense incurred by not selecting the superior alternative available when a different choice is made.