A Difficult Part of Human Resources Planning Is Conducting Demand

question 123

Multiple Choice

A difficult part of human resources planning is conducting demand forecasts, which

• A)determine how many and what type of people are needed.
• B)analyze how unemployment rates affect sales.
• C)survey the external labor supply.
• D)detail the job specifications of existing employees.
• E)project future developments in labor union policy.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.

Consumer Surplus

The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.

Willingness To Pay

The maximum amount an individual is prepared to spend to acquire a good or service.