Supply Demand and Labor|
Angel Danielle Rodriguez|
Instructor: Nicholas Kuzmich|
CheckPoint: Historical Example of Labor Supply and Demand
250- to 300-word response addressing one of the following historical events in terms of labor supply and demand: the Great Depression, the Luddite Revolt, the Black Death, or the technology boom of the 1990s. Include the following: o What was the impact on the supply and demand of labor on one sector of the labor market? o Explain the factors that affected labor demand and labor supply in the chosen historical example. I have chosen to write about The Technology boom of the 1990’s. During this time it was the longest economic expansion in the American history and according to some economic indicators; the technology boom of 1990’s began in March 1991 and ended in March 2001. The hallmarks of the 1990’s boom were the creation of almost 24 million jobs and nationwide and the unemployment rate dropped to around 4 percent for an extended period throughout this time. This also allowed unprecedented growth investment in the stock market which Wall Street had added around $10 trillion in wealth. 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. Also, during this time the technology stocks had low interest rates, a lower inflation rate which averaged at 2.6 percent per year, and added more dollars to the paychecks of the average working Americans. One of the impacts on the supply and demand of labor during this time is that when people were going through this time, the demand of people learning how to work with the newest technology was needed since there were not many that did not because everything was still so new to the public. In the mid 1990’s when the computer and internet became a common...