Answered step by step
Verified Expert Solution
Question
1 Approved Answer
When manufacturing goods and services, organizations need labor and capital as inputs to their production process. The demand for jobs is an economic principle resulting
When manufacturing goods and services, organizations need labor and capital as inputs to their production process. The demand for jobs is an economic principle resulting from a firm's output demand. Not wanting to live in poverty is the force demanding low-skilled labor in the developing world. To maximize profits, organizations look to subcontract their manufacturing in other countries where the wage rates are lower. Subcontracting to foreign countries stimulates investment by these foreign countries. This also helps boost undeveloped countries' economies by improving their living standards and offering jobs for the unemployed. To improve the skills demanded of its labor force, the government could lower taxes on wages and increase minimum wages. The organization should provide a training program by providing training the employees would be more productive and an asset to the organization
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started