_____ Forecasts Are Needed to Plan Workforce Levels, Allocate Budgets

question 21

Multiple Choice

_____ forecasts are needed to plan workforce levels, allocate budgets among divisions, and schedule jobs and resources.

• A) Long-range
• B) Intermediate-range
• C) Short-range
• D) Demand planning

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Definitions:

Minimum Wage

The lowest legal hourly pay that workers can be paid by employers, set by government legislation.

Unemployment

The situation in which individuals who are capable of working and willing to work cannot find employment.

Black Market

An illegal traffic or trade in officially controlled or scarce commodities, bypassing governmental regulation or taxation.

Binding Price Floor

A government-imposed price control that sets the minimum price above the equilibrium price, causing a surplus in the market.