Higher Level Of Prices Of Goods And Services Rises

Q.1 When the average level of prices of goods and services rises, the inflation rate rises. I somehow disagree with this statement as it might be the secondary reason or not the only reason for the rise. But the factors that cause the inflation rate to rise are as follows: a) An icrease in demand for goods relative to supply: When there are many potential buyers of certain goods but the supply can not match the increased demand hence, results in Demand-pull inflation. Demand-pull inflation doesn’t result in inrease in rate of Inflation every time. b) A decrease in the value of existing money or devaluation of currency: If Government is printing more currency it simply means that depriciation of money will occur. When the money is devalued, several dollars will obtain smaller amount of commodities because the dollars are not in short supply. Q.2 Unemployment Rate: It could be defined as the proportion of work force that is presently jobless, are over 16, are available for work but one way or another have vanished their jobs and are keenly building efforts to locate employment. (Bureau of Labor Statistics. BLS) This could be calculated bu using the following formula: Unemployment Rate = Unemployed/Employed + Unemployed For Example : In December 2011, 248,976 thousand of Australian residents were employed and 64,283 thousand were unemployed. To find the unemployment rate for December 2011. Uemployment rate =64,283 à · (248,976 +64,283) = 20.52% Inflation Rate: InflationShow MoreRelatedThe Relationship between business and the economic environment1315 Words   |  6 Pageseconomy’s ability to produce goods and services Gross Domestic Product- represents the value of a country’s national income in one year. An increase in real GDP means that the standard of living within a country is increasing. It is therefore used as a way of measuring a country’s economic growth. The Business Cycle- there are discernable patterns in these levels over time, there will be periods of time when economic activity is rising and other times when the level of economic activity slowsRead MoreWhy Do Economists Use Real GDP Rather Than Nominal GDP To Gauge Economic Well2235 Words   |  7 Pagesproduction of goods and services valued at constant prices. Nominal GDP is the production of goods and services valued at current prices. Real GDP rather than nominal GDP to gauge economic well-being because real GDP is not affected by changes in prices, so it reflects only changes in the amounts being produced. If nominal GDP rises, you do not know if that is because of increased production or higher prices. 2. Economists and policymakers monitor both the GDP deflator and the consumer price index toRead MoreDiscuss How Changes on Aggregate Demand Influence Price Levels, Output Levels and Employment.1144 Words   |  5 Pagesinfluence price levels, output levels and employment. The meaning of â€Å"aggregate† is added together. All of the elements introduced in microeconomics are totaled in macroeconomics. Aggregate demand and supply analysis brings together the amount that consumers wish to consume and firms wish to produce at any price levels. Aggregate demand (AD) is the total demand for final goods and services in the economy (Y) at a given time and price level. Also it is the amount of goods and services that willRead MoreEconomics Notes: Small and Open Economies, Growth, Aggregate Supply and Demand926 Words   |  4 Pagesgrowth : In the long run, the higher saving rate leads to a higher level of productivty and income, but not to higher growth in these variables. Catch-up effect : Countries that start off poor tend to grow more rapidly than countries that start off rich Y=C+I+G S=I S=(Y-T-C) + (T-G) = private saving – public saving. Because a high interest rate makes borrowing more expensive, the quantity of loanable funds demanded falls as the interest rate rises. The supply and demand for loanableRead MoreMicroeconomics Basic Concepts1055 Words   |  5 Pagesconsume goods and services to satisfy unlimited wants. As in this article, fuel surcharges increases as the price of fuel increases. Economics is also a study of choices made by individuals, firms, governments and society as a whole which helps us to understand economic issues that we read and hear about. In this article, people have a choice whether or not they want to pay more for air tickets as although airlines are making profits, it can still lead to higher fares. 1.2 Scarcity A good or serviceRead MoreFactors That Affect The Value Of An Economy1262 Words   |  6 Pagesthe constant rate of change in the price level in the economy. Many economies encounter positive rates of inflation yearly (Sommers, 2005). Mostly, the price level is usually measured by a price index, which evaluates the price level of goods and services at a particular point in time. Again, the number of items contained within in a price index differs depending on the main objective of the index. Mostly, government agencies occasionally present three types of price indexes; each index has a definiteRead MoreInflation1301 Words   |  6 Pages  inflation  is a rise in the general  level of prices of goods and services in an  economy  over a period of time.  When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the  purchasing power of money – a loss of real value in the internal me dium of exchange and unit of account in the economy  A chief measure of price inflation is the inflation rate, the annualized percentage change in a general  price index  (normallyRead MoreWhat Are The Three Reasons The Aggregate Demand Curve Slopes Downward?960 Words   |  4 Pagesa recession are real GDP and investment spending. GDP will decrease because the economy will be producing fewer goods and services overall. Investment spending, spending on new capital, will decrease in order to conserve and spend in other areas. The unemployment rate is one macroeconomic variable that will rise during a recession. If an economy begins producing fewer goods and services, businesses will need fewer employees to meet the production demand. 3.) List and explain the three reasons theRead MoreInternational Competitiveness Essay1078 Words   |  5 PagesInternational Competitiveness A country’s â€Å"international competitiveness† refers to its ability to sell its goods and services in domestic and international market at a price and quality that is attractive in those markets. The UK fell from 9th  to 12th  place in The Global Competitiveness Index between 2007 and 2008. The factors causing the decrease can be divided into price and non-price factors. In order to improve the international competitiveness the firm can raise productivity and the governmentRead MoreShort-Run vs. Long-Run Aggregate Supply Curves644 Words   |  3 Pagesthe price of a good or service increases but the factor inputs have not adjusted yet to this increase. A basic example would be a service provider raising prices, but not yet raising the pay of the employee providing that service. In the short run, consumers are going to pay for more goods due to the higher prices, and this will suppress demand. The workers or providers of other factor inputs like suppliers will in crease prices or wages in line with the increase in the retail price of the good. Thus

Compare and Contrast Italian Renaissance Painting and...

Before you can compare and contrast the art of the Italian Renaissance to the artworks of the Renaissance in the North, you have to understand the roots of the Renaissance. Renaissance has a special meaning, referring to a period of the grand florescence of the arts in Italy during the 14th century and progressed and migrated, in the 15th and 16th centuries, to Northern Europe. The Renaissance was stimulated by the revival of the classical art forms of ancient Greece and Rome. The â€Å"re-birth of knowledge,† better known as the Renaissance, can be contributed to the teachings of the Humanists at the time. Francesco Petrarch took little interest in his legal studies, and much rather preferred to spend his time learning about the classical†¦show more content†¦Unlike their wealthy Italian counter parts, the merchant patrons of Italy were keener on fresco paintings, sculpture and architecture. A difference that is often overlooked, but impacts and influences the Itali an and Northern Renaissance enormously, are the individual climates of the each region. It is not often taken into consideration but how hot or how cold a climate is affects the style, texture, preservation, and medium of choice of an artist. Italy is located by the Mediterranean Sea, and in fact is geographically almost entirely engulfed by the Mediterranean. The Mediterranean, with the exceptions of the colder regions of the Alps which lie in severe north Italy, produces a warm and damp climate for the most of the year. This warm climate allows the Italian Renaissance artists to use a lighter paint, and in most cases lighter colors, that results in the production of the famous Frescos that would be seen frequently through out the Italian peninsula. This was extremely different in the North, artistic style wise and obviously climate wise. The Low Countries, France, the Duchy of Burgundy, and the Holy Roman Empire are not known to be warm. In fact, the terrain is comprised of mounta inous, forested, and rugged lands, with the overall climate being cold and wet with snow. Because of such a colder climate the idea of frescos was unheard of, it would have been nearly impossible to paint them in such a cold climate. The northern artistsShow MoreRelatedThe Baroque Period1085 Words   |  5 PagesAbstract The author of this paper examines three works of art from three different artists from the Baroque Period. He compares the different works of art and discusses similarities, differences, and the techniques that were used. The Baroque period ran from 1600 to 1770, Artist of that time used different techniques that were used during the renaissance period to bring drama to art. An immense amount of art in that period shows fantastic energy and emotion. These piecesRead MoreBirth Of Venus By Botticelli And Child Enthroned With Saints By Duccio1680 Words   |  7 PagesBotticelli and Child Enthroned with Saints by Duccio. The paper seeks to compare and contrast these two works basing on the differences in artistic styles and cultural contexts used. Birth of Venus Birth of Venus is one of the world most famous and appreciated works of art. It was painted by Botticelli . The picture hangs in the country villa of the Medici indicating that the work got commissioned by Medici family. In this painting, Venus rises from the sea looking like a classical statue and floatsRead MoreCeramics: Pottery and Clay17443 Words   |  70 Pagesby the Chinese about 2000 years before the rest of the world. Because of this, early development, the history of ceramics in Asia is a very complex and distinct subject. Potters Wheels are known to have been used in the Indus valley (Pakistan and northern India) about 3 to 4,000 BC but possibly earlier. We cant be exact about these dates however. Like many inventions, the idea of the potters wheel did not simply spring into the mind of one individual but evolved over many centuries independentlyRead MoreGp Essay Mainpoints24643 Words   |  99 Pageswriting †¦ ‘information super-highway’ ***Internet more Convenience and Capacity †¢ For centuries, book was the only tangible repository of knowledge in our world †¢ Epitome of the writing system, evolved from prehistoric scratches in sand or painting on walls, more advanced than cumbersome clay and stone tablets †¢ Challenged by Internet on the same two fronts on which it proved its mastery over other forms of recording and disseminating information: capacity and accessibility †¢ Fabled

Strategic Role of Human Resource Development

Question: Senior HRD management must understand the variety of individual learning demands of their staff before they can design effective training, learning and development interventions. Critically justify this statement using your conceptual knowledge of learning theories and case? Answer: Introduction: Human Resource Development can be conceptualized as a framework that is enabled to help employees so that they can develop personal and organizational skills, knowledge and abilities. Human Resource Development also includes giving opportunities to an organization that includes career development, performance management, appraisal and development, providing training to the employees, succession planning and further organization development. The main focus of HRD is to develop a superior workforce in the organization so that all individuals can accomplish their work goals effectively. It is a series of organized activities that is designed to produce behavioral changes. Human Resource Development develops an organizational climate which provides effective superior-subordinate relationships and also ensures teamwork in an organization. Therefore it can be inferred that HRD is a process and networks as a part of any system. The organizational resources need to be allocated and exemplified accordingly. Senior HRD management must understand the variety of individual learning demands of their staff before they can design effective training, learning and development interventions. The most important implication for an organization is to ensure effective learning and development so that all the employees effectively carry out their current role. Apart from imparting training it is important to have skilled employees which can provide the organization with knowledgeable added values. The organizations which seek to improve their stability, efficiency and productivity should move beyond basic training process and look forward with different orientations of learning and development activities that help the company to differentiate from its competitors. To ensure effective learning and development activities it is necessary to identify and analyze all the learning and development objectives that can define an individuals perspective as well so that he is determined to be organization fit as per standards. The learning and development activities should ensure that the employees are attaining maximum productivity so that they can reap the benefits with competitors an d provide knowledge to the stakeholders as well (Clardy, 2008). It is also important to know about all the strategies being introduced in the organization and it should be clearly linked with the overall strategy and learning interventions being initiated. It is important to mould attitudes and then generate enthusiasm to attain corporate objectives. Evaluation of Learning and development: The process of evaluation is a systematic process that ensures collection and analyzing information that is needed to introduce a training program. This includes a wide range of activities that are required to be involved and its benefits are also taken along with. The evaluation of the training is very useful to collect data and information and this allows managers to follow a set of guidelines that has been already prepared for them. The process of evaluation also helps in implementing policies to achieve organizational objectives and this promotes organizational learning. If the learning objectives are not clearly evaluated then this may lead to a mismatch in the data being provided. Importance of evaluating learning and development activities: Training and development involves very high cost so there arises a question whether training is to be imparted or not to the employees. Once an employee is given trained he is opened to learn all the related strategies that are required in the organization and it is expected that to ensure effective production so that the organization can reach out its potential to the maximum. The importance of this entire process caters to three main perspectives of stakeholders. Organizations should involve training evaluation after the needs are been assessed and this can lead to developmental activities and enhance growth. This is required by the organizations so that they can help in making decisions about interventions in the future to be made. This also helps to demonstrate the values of the interventions which could make positive changes in the organization. This is also important to judge that who should attend the training programs and also seeks to involve new training programs that are needed to be evaluated (Delavier, 2010). There should be a need to generate more outcome on the basis of the training being provided to the employees. Training evaluation also helps the individuals to give feedback to the trainers whenever needed. This can act as strong evidence whether the training process is throwing any impact to the organization or not. This feedback must be taken in a positive way and should be acted upon immediately. Individual learners also get some time in this way to be actively involved in the evaluation process of training and development. This process also helps the trainers and the facilitators giving importance to all the independent trainers as well as to all the departments involved in the process. Trainers can update themselves along with the requirements given and feedback being suggested to them (Middleton and Mather, 2008). Purpose of Training Needs Assessment and Analysis: A training analysis is been conducted to identify and understand which areas of behavior and knowledge are required to be accomplished along with individual learners. This is required to be conducted to analyze what an organization expects out from a candidate and what knowledge or skills an individual should possess in order to be effective in the organization. If there is any gap between organization standards of work and what the candidate possess that is known as to be the performance gap. This gap should be identified immediately as soon as the training needs have been identified in the organization and evaluated thereof. Usually certain criterias are been developed so that the final evaluation of the training can be conducted. Employees require training for various purposes. For example it can be stated that training can effectively check all the performance gaps in the organization and can fill them if they are identified. Training can also necessitate a growth gap in the orga nization by highlighting a benchmark already set in the organization that needs to be achieved. Training process also ensures issues and opportunities related to organizational strengths and weaknesses and must identify suitable solutions to solve the issues and give importance to the rising growth opportunities (Ritzmann, Hagemann and Kluge, 2013). Integrating Learning and Development with HR: It is very much essential to link and integrate all plans of management and strategies along with human resource development. An integrated and coherent approach is necessary to be developed so that the learning strategies can be mapped along with people management strategies to achieve organization goals and objectives. The integrated approach will simplify the delivery process and avoid duplication of efforts. This will also enhance efficient allocation of resources in the organization. Improvements in the organization can be seen as a result to achieve all related business processes and systems (Mumford, 2010). This is rather called as a people management process where all the managers and staff are aware about their daily operational activities as well. This lead in development of roles and responsibilities of the individual to identify self needs also and link how HR processes can adjust with the developed adjustment needs as well. An integrated system also promotes agencys core business processes and this give rise to effective provision of learning. These objectives must be coherent along the business objectives and likewise can be developed. Another approach also emerges that is of Human Resource Management Information Systems (HRMIS). This process ensures effective learning and development in the workplace so that all the information could be accurately reported, forecasted and monitored by the management as well. The learning and development acts as a major input to the development needs of the organization. It also seeks to deliver accurate baseline data that is to be monitored to support effective and enhanced integration of decisions been taken and implemented thereof (Pelagidis, 2008). A versatile example can support the essay more effectively. Brainstorming is a group technique approach that is used to analyze the training situations in a business. This process allows individuals to be more creative while solving problems and taking decisions. The basic process starts with the problem being mentioned by the facilitator. Small groups are formed and are asked to summarize their ideas about the issue. Usually a time limit is given and they have to complete it according to the time given. Brainstorming leads to generation of many creative ideas, some of them are encourages and some are discouraged. Conclusion: It can be concluded and inferred from the analysis of the statement that evaluation comes before the training interventions are required to be implemented in the organization. This also brings about a cultural issue that whether managers and employees needs to accept the changes been made at various stages of the organization or not. The answer lies in the way how an organization make use of the training process the way it is decided to be planned and implemented and hoe the employees should be a part of this process and follows the training interventions made. References Carden, L. and Egan, T. (2008). Human Resource Development and Project Management: Key Connections.Human Resource Development Review, 7(3), pp.309-338. Clardy, A. (2008). The strategic role of Human Resource Development in managing core competencies.Human Resource Development International, 11(2), pp.183-197. Delavier, F. (2010).Strength training anatomy. Champaign, IL: Human Kinetics. Middleton, A. and Mather, R. (2008). Machinima interventions: innovative approaches to immersive virtual world curriculum integration.Research in Learning Technology, 16(3). Mumford, J. (2010). From work based learning to organisational development.HE, Skills Work-Based Lrng, 1(1), pp.29-37. Pelagidis, T. (2008). Human Resource Development within Greek Science and Technology Parks spin-offs.Human Resource Development International, 11(2), pp.207-214. Ritzmann, S., Hagemann, V. and Kluge, A. (2013). The Training Evaluation Inventory (TEI) - Evaluation of Training Design and Measurement of Training Outcomes for Predicting Training Success.Vocations and Learning, 7(1), pp.41-73. Saks, A. and Burke, L. (2012). An investigation into the relationship between training evaluation and the transfer of training.International Journal of Training and Development, 16(2), pp.118-127. Sessa, V. and London, M. (2008). Interventions to stimulate group learning in organizations.Journal of Mgmt Development, 27(6), pp.554-573. Stewart, J. and Beaver, G. (2004).HRD in small organisations. London: Routledge. Tjepkema, S. (2002).HRD and learning organisations in Europe. London: Routledge. Tunstall, P. (2010).Hiring, training, and supervising library shelvers. Chicago: American Library Association.