Historical Example of Labor Supply and Demand
In this assignment we were asked to find a historical example of Labor supply and demand. As I was researching all of our options to choose from picked one that I feel had the biggest impact in American History, The Great Depression. Has anyone ever really asked why they named it the “Great” depression, was it really that great. The Great Depression started as stock prices began to fall in mid-1929 and then eventually became worldwide news with the stock market crash in October of 1929. When this occurred it affected everyone weither you were a wealthy person or dirt poor. It caused havoc in people’s personal income; it played with companies’ profits, and wages. Along with this entire unemployment rose and international trade decreased. One major impact on the supply and demand was with no work or money many companies halted business or closed. So with this happening no work or money the need for many employees diminished. During these trying years of the Great Depression many almost 25% of Americans were unemployed. Many factors played a role in these situations. With the stock market crashed, prices dropping that no one made money, and people not working the collapse of America as we knew it was set in motion. However with the introduction of World War 2 this is what’s believed by many to have brought America out of the Great Depression. With the governments need for supplies and equipment to fight with, industries started to thrive again and people were now being employed. In fact during these times of war many women were introduced to the work force because many men were being drafted to go fight. In conclusion, I don’t know how so many people survived the Great Depression. I know how hard it is in today’s society to make it let alone what it would have been like then.