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________ Involves Looking at Past Employment Patterns and Using Those

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________ involves looking at past employment patterns and using those patterns to predict a firm's future labor needs.


Definitions:

Total Revenue

The total amount of money a firm receives from the sale of its goods or services before any expenses are subtracted.

Quantity Demanded

The total amount of a good or service consumers are willing to purchase at a specific price level at a given time.

Elastic Demand

Elastic demand indicates that the quantity demanded of a good or service significantly changes in response to a change in price.

Necessity

Essential goods or services required for basic living and welfare of individuals.

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