U6 LOC: HR (Production) + Labour Market Analysis quiz 1

Which one is NOT a factor of production?

• Enterprise

• Land

• Water

• Labour

Why is the HR department/functional area so important? Give at least 2 responses for this please.

The HR department/functional area have expert knowledge of the labour market?

• False

• True

Missing words: The labour market is focused on the ? and demand of ? active people (any person who is willing and able to work) and the jobs which exist in the same market.

• supply, economically

• labour, market

• economic, supply

• market, analysis

The organisation who gather information in the UK is known as The Office for National Statistics

• True

• False

Labour market analysis could include ...

• Both of these

• demands and requirements of the business's workforce

• the skillset, experience and qualification requirements of employees

Businesses need to continually analyse their operations and the market they operate within to effectively forecast future labour demands.

• True

• False

• No idea

We are looking at HR as a factor of production and we are focusing on the ? element (what's the missing word?)