Historical Example for Labor Supply and Demand

Only available on StudyMode
  • Download(s) : 349
  • Published : November 3, 2010
Open Document
Text Preview
The historical event that I chose to address in terms of labor supply and demand was the technology boom of the 1990s. As the technology boom began to grow, the demand for computers and other electrical devices began to rise. People wanted to bring more of the electronic devices into their homes and their businesses. Car makers began putting technology into vehicles that would allow your windshield wipers to turn on automatically as soon as water hit the windshield. Companies began creating technology that would have automated services answering phones and assisting customers instead of having a real human talking to the customers. This caused the demand for electronic companies to manufacture more of their technology to increase. Stores had to increase their supplies of the new technology because of the high demand that people wanted to have the latest and greatest technology that was coming out. The technology boom did make some peoples lives a little easier, but it also made a lot of people be become unemployed, because they were not needed to do the jobs anymore. Instead of having people putting cars together, dealerships eventually began to install robotic machines putting the vehicles together alleviating human error. The technology boom began to put people out of their jobs and making it harder for people to get jobs. People had to get educated on the new technology that was coming out so that they could sell it or use it at their place of business. The boom reduced the need for people to do the things that machines could do.
tracking img