Labor Economy Essay Example | Topics and Well Written Essays - 1000 words

Labor Economy - Essay Example The economic meltdown experienced in the US affected the labor market significantly leading to a notable change (Conrad, 2005). Therefore, economist should find ways to recover the affected labor market in their endeavors. Labor market in the US had somehow a balanced equilibrium in terms of employment before the crisis. Analysts in America noted a relatively low rate of unemployment at 3.9 percent in January 2001. Nevertheless, due to crisis and financial issues, unemployment lost dynamism and increased. The rate of layoff spiked with crisis while the rate of hiring fell down considerably. In March 2005, the official rate of unemployment in the US reached 5.2 percent. It represented 13.6 million people in America who were unemployed, part-time workers out of economic necessity, or had lost courage to look for jobs. This resulted due to recession and crisis surrounding September 11, 2001 (Conrad, 2005). The rate of labor force participation in United States exhibited a funny trend before and after the crisis. Before the crisis, the rate of labor force participation increased due to continuous entry of women into the labor market. After crisis, they contributed to 66 percent of labor force in 2005 while rate of labor force participation in men declined to 73 percent. Scholars argue that, rate of labor force participation increased due to high entry of women who had accurately planned their future and were able to venture and compete in the labor market (Jacobsen, 2004). Before the crisis, United States minimum wage remained constant at $ 5.35 per hour but this varied from one county to another. The Congress gave counties power to set minimum wage above federal level. As a result, the counties set an hourly minimum wage. During and after crisis, pursuant of fair labor standards broke the record when they set a constant minimum wage of $5.15 per hour (McDonald, 2007). Living standards in United States are high with high per capita income but less

Classic Airlines and Marketing Essay Example | Topics and Well Written Essays - 500 words

Classic Airlines and Marketing - Essay Example rs in this day and age are more empowered by the wonders of the Internet and other new technologies that give them the information that they need with just a click of a button, marketing strategies need to adapt to change as quickly and as appropriately as possible. It should be borne in mind, however, that at the core of every product innovation or fresh marketing approach is the need to address the customers’ needs. Seeing them as mere statistics won’t do the trick. More than anything else, the customers are human beings, and they always appreciate the high regard in which companies hold their needs. Their needs change from time to time, and often without warning. Thus, customization of products and services has become pronounced today more than ever. And if this end were to be achieved, the company needs to invest on more interaction with the customer. It is the best way to establish a â€Å"relationship,† not just a â€Å"transaction.† This investment ultimately reaps an â€Å"enduring relationship† of mutually satisfied needs. The case of Classic Airlines tells us that the challenges that it faces are the very same challenges that most companies are meeting today. Its mind-set is likewise commonplace. Most companies think that cutting on operating cost is the answer to their woes. However, a closer look at this would reveal that simply cutting down costs does not address more serious issues, such as customer loyalty and satisfaction. Obviously, no company is spared from the financial crisis. But this should not stop the company from delivering quality services to its customers, before and after the fact of selling. Companies should not forget that marketing does not end the moment the product or service is sold. Relationship marketing tells us that the company should aim to develop an enduring relationship. Thus, while it is important to know what products or services the client wants, it is just as essential to know what they think of the product after