It could be connected with the strategy since it is with the company’s way on how to gain or increase profitability by widening its market through expansion, branding, etc. Human Resource. In HR, the risk is on hiring people and compensating their needs. Investors believe that the higher the risk, the higher the rate of return to their invested capital. It is with the HR to hire highly skilled workers but will be handling greater amount of expenditure, risk, or lost for instance or average worker with lesser expense and lesser risk.
Also, if there are more jobs given to people that means that the economy gets boosted, which is very good for the world in the grand scheme of things. Additionally, with more jobs being given that means more money in people's pockets. So, in most cases people with jobs will buy products from other companies/ manufacture, which is very beneficial for the people that are selling products. With all of this information in mind, that is why industrialization created more jobs and was beneficial to business. One of the key parts of
As globalization is able to transfer goods, services, products, or even employees from some countries to other ones, it becomes a much more effective way to widen or narrow disparity all over the world. It cannot be ignored that globalization is a great issue that widens economic inequality in the U.S. “In the discussions about jobs, a lot of attention has focused on trade and terms such as globalization, outsourcing, and offshoring. The concern, of course, is that a free-trade environment is letting good jobs drain from the U.S. economy and wind up in China, India, and other countries where workers command much lower salaries.” (Parry 2014, p. 1). In the view of aforementioned fact, globalization opens many borders to companies and businesses of the U.S. to take much benefit so that the companies and businesses put so much investment and build a lot of workplaces outside of the region. For this reason, disparity in terms of economy increases dramatically just as people who live in underdeveloped countries have many opportunities, just like finding easily workplaces, to live a superior life unlikely people who live in the U.S. lose their workplaces.
In previous centuries, people’s need was limited, for their number was not as huge as modern world; the population growth of 20th century has been explosive as human number has been quadrupled. Modern world is better than previous eras in the world history because of changing in standard of life by having cheaper products, and getting better job opportunely. According to Churchill, public can get what they want with cheaper price and even with better qualities. Moreover the workers have better wages and greater security, and people can get jobs more easily than before because there are more manufactories. It is true that there are more jobs opportunely and better wages, but it is not same for the security.
Therefore, their productive capacity will increase as they are able to produce more goods and services. The second importance is more cash in circular flow. As firms buy more capital goods, they inject more cash into the circular flow. Other than that, positive net investment spurs economic growth. As firms invest more in capital goods, gross private domestic investment increases, GDP
"Raising the minimum wage means shifting profits from an entity (the employer) that is much less likely to spend immediately to one (the low-wage worker) that is more likely to spend immediately" (Hall and Cooper par. 18). If the minimum wage is increased, low income workers would be able to live comfortably, as well as spend more money on goods and services. A higher demand in goods and services would create more jobs because employers would need more employees for their growing businesses. To accommodate the increase in workers’ wages, companies can increase their prices by a small percentage.
Quality plays a major role in education. It brings out greater earnings for people. More educated the people, higher the economic growth. Analysis tells us that to improve the society you should strengthen schools and educate more people. Economic growth of a society tells us about its
The innovation of technology is expanding from changing and positively affect the economy. In eras of technological improving, it causes industries to increase their productivity, so the country's economy is growing and improving its financial health (as cited in Moritz,
Similarly education and income are very important factors, since more educated people have better knowledge about the health life style and various effects of other factors, including smoking, food diet, and sports. In line with education, higher income usually is a result of high education qualifications, since these people have better access and more opportunities in the labour market, implying higher wages. Income allows people to have access and to buy better quality health services. Employment status can be considered as a result of education, as it has been discussed above, while income can be the result of the employment status, since employed are more likely to earn more and thus can be wealthier than the unemployed, retired and those who are unable to work. This also results to a better health status.
Manufactured goods are most commonly used to achieve export-led growth. However, many times these industries compete against the industries of industrialized countries, which often possess more capital, advanced technology and better educated workers to start with. Therefore, this strategy needs to be well thought and planned accordingly. A country must find a certain export product or good that they can manufacture well, in competition with industrialized industries, and utilize their comparative advantage to the full.