Having explored global patterns of economic interdependence, we now take a look at the resources needed for producing goods and services. Human, natural, and capital resources are required to produce goods and services.
Human resources
What do we mean by "human resources"? In economic terms, labor is a human resource. Labor is typically characterized by the quality and amount of human effort required to produce goods and services. Competition for skilled labor now takes place all around the world, because employees' technical skills are a major factor in allowing companies to innovate and compete in the global marketplace. Looking at the United States' dropping birthrate, an economist would identify this as a supply and demand problem (Bersin, 2013, pars. 4-10). Ways to deal with this labor supply and demand problem might include increasing wages, locating your business near highly educated populations such as those found in university towns, or creating career development programs (Bersin, pars. 11-14). For a closer look at applying economics principles to the problem of human resources, click the following link.
http://www.forbes.com/sites/joshbersin/2013/04/05/can-hr-managers-think-like-economists/
Human resources departments are another way companies address the demand side of the equation. They handle the personal side of production by understanding and communicating the value of human capital, adjusting budgets, identifying training needs, and more. Find out what a human resources department can do at the following link.
http://smallbusiness.chron.com/ten-reasons-human-resources-department-important-25554.html
One way to get early-grades students to think about the concept of human resources might be through a game. At the following link, a human resources professional outlines his idea for a human resources role-playing game, which could be translated to the classroom.
