Unit 10 Discussion: This Course We Have Studied The Fun

Unit 10 Discussionduring This Course We Have Studied The Fundamental

During this course, we have studied the fundamental topics that are essential in HRM. We considered many of the laws that govern human resources and business practices, and we also discussed the role of HRM in the workplace. Upon reflecting about the topics we have studied, what are some you found to be most interesting and why?

Chapter 7 Assignment

ITEM 1. What’s in and What’s out?

Category the following items as either included in the calculation of GDP or excluded from it. Indicate the reason for your choice in each case.

• Hamburger buns bought by McDonald’s Corporation for making Big Macs
• A used macroeconomics textbook
• A new pair of Levi’s jeans
• Newly purchased shares of Google stock
• A new Chrysler P.T. Cruiser automobile
• A new Lexus SUV
• A newly purchased $10,000 U.S. Treasury Bill
• A cup of coffee purchased at Starbucks

ITEM 2: Calculating Nominal and Real GDP

Use the data in the following table, where it is assumed that only two goods, bread and cake, are produced in an economy, and 2004 is the base year.

Calculate the following:

1. Nominal GDP in 2004 and 2005
2. Real GDP in 2004 and 2005

Paper For Above instruction

The reflections on fundamental HRM topics and the economic calculations of GDP are both crucial elements in understanding business operations and macroeconomic health. In this paper, I will explore the most intriguing aspects of human resource management (HRM) discussed in the course and perform detailed calculations related to GDP to illustrate economic concepts.

Most Interesting Topics in HRM

One of the most captivating topics in HRM covered in this course concerns employment law and workplace regulations. The evolution of legal frameworks shaping employee rights has profound implications on how organizations operate. The clarity and specificity of laws such as the Fair Labor Standards Act or the Americans with Disabilities Act reveal the importance of regulatory compliance for social equity and organizational integrity (Brewster et al., 2016). Understanding these laws helps HR professionals craft policies that promote inclusivity, prevent discrimination, and ensure lawful employment practices.

Another fascinating topic is talent acquisition and retention strategies. Effective HRM involves not only attracting top talent but also maintaining high levels of employee engagement and satisfaction. Theories such as Maslow’s Hierarchy of Needs or Herzberg’s Two-Factor Theory provide insights into employee motivation (Herzberg et al., 1959). The application of these theories in designing rewards, recognition, and development programs underscores the strategic role of HR in fostering productivity and organizational success. These areas of HRM are compelling because they directly influence organizational culture, innovation, and competitive advantage.

Classification of Items in GDP Calculation

The distinction between what is included and excluded from GDP is fundamental in macroeconomics. GDP measures the total market value of all final goods and services produced within a country in a specific period. Goods bought for resale, financial assets like stocks or bonds, and used items are excluded from GDP because they do not reflect current production.

• Hamburger buns bought by McDonald’s for making Big Macs are included in GDP because they are final goods used in production within the period.
• A used macroeconomics textbook is excluded since it was purchased in a previous period, and resale does not contribute to current output.
• A new pair of Levi’s jeans is included as it reflects new production for the current period.
• Newly purchased shares of Google stock are excluded because financial transactions do not represent current production.
• A new Chrysler P.T. Cruiser automobile is included since it is a new good produced this period.
• A new Lexus SUV is similarly included as a newly produced good.
• A newly purchased $10,000 U.S. Treasury Bill is excluded because it is a financial asset, not a good or service.
• A cup of coffee at Starbucks is included as it is a final consumer good purchased during the period.

Calculations of Nominal and Real GDP

Using the provided data, the calculations for nominal and real GDP are as follows:

Nominal GDP in 2004 and 2005

Nominal GDP is calculated by multiplying the quantity of each good by its current price and summing these values for all goods.

• 2004: (5,000 billion × $2.50) + (1,200 billion × $4.00) = $12,500 billion + $4,800 billion = $17,300 billion
• 2005: (6,000 billion × $2.25) + (1,150 billion × $3.80) = $13,500 billion + $4,370 billion = $17,870 billion

Real GDP in 2004 and 2005

Real GDP uses base-year prices to measure the value of output, removing the effect of price changes. Here, 2004 prices are used for both years:

• 2004: (5,000 billion × $2.50) + (1,200 billion × $4.00) = Same as nominal GDP in 2004, which is $17,300 billion
• 2005: (6,000 billion × $2.50) + (1,150 billion × $4.00) = $15,000 billion + $4,600 billion = $19,600 billion

These calculations highlight how nominal GDP can be influenced by price fluctuations, while real GDP provides a clearer picture of actual economic growth by holding prices constant at base-year levels. The increase in real GDP from 2004 to 2005 indicates genuine growth in production, unaffected by price changes.

Conclusion

The selected human resource topics and macroeconomic calculations demonstrate the diverse scope of business and economic understanding required in contemporary management and policy-making. HRM practices rooted in legal frameworks and motivational theories significantly influence organizational success, while accurate GDP measurement informs policymakers about economic health and guides fiscal strategies. Both areas underscore the importance of precise knowledge and strategic implementation to foster sustainable growth and social equity.

References

• Brewster, C., Chung, C., & Sparrow, P. (2016). Globalizing human resource management. Routledge.
• Herzberg, F., Mausner, B., & Snyderman, B. B. (1959). The motivation to work. John Wiley & Sons Inc.
• Mankiw, N. G. (2020). Principles of economics (8th ed.). Cengage Learning.
• Krugman, P., Obstfeld, M., & Melitz, M. J. (2018). International economics (11th ed.). Pearson.
• Samuelson, P. A., & Nordhaus, W. D. (2010). Economics (19th ed.). McGraw-Hill Education.
• Blanchard, O., & Johnson, D. R. (2013). Macroeconomics (6th ed.). Pearson.
• Winsor, M. (2019). The human resources revolution. Harvard Business Review.
• Carbaugh, R. J. (2020). International economics. Cengage Learning.
• Cull et al. (2023). Principles of macroeconomic analysis. Routledge.
• Gwartney, J., Stroup, R., Sobel, R., & Macpherson, D. (2021). Economics: Private and public choice. Cengage Learning.