Name: Elma Salam
Id: 2021165
Sec: 02
Course code: HRM-370
Mid term Exam.
Date: 05-11-2026
Question- 1. “The term labor force refers to all those over 16 years of age who are
employed, actively seeking work, or expecting recall from a layoff. Those in the
labor force who are not employed for pay are the unemployed.” Do you identify
the difference employment and unemployment market of a country?
Answer: Yes, I am able to identify between employment and unemployment labor
market of a country.
The amount of people who are working and receiving pay is referred to as
employment. Due to their work, these people are regarded as members of the labor
force and actively support the economy.
On the other hand, the number of people who are unemployed yet actively looking
for work is referred to as the unemployment rate. Even if they are not employed
right now, these people are nonetheless regarded as members of the labor force. It
is crucial to remember that not every member of the labor market is jobless; some
people may be working while others are seeking for employment.
The unemployment rate is a frequently employed metric to comprehend the
joblessness within a given economy. It is computed by multiplying the result by
100 after dividing the number of jobless people by the total labor force (employed
plus unemployed). The unemployment rate is a useful tool for assessing the state of
the labor market and can provide light on a nation's general economic
circumstances.
We know,
𝑈𝑛𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑑 𝑃𝑒𝑜𝑝𝑙𝑒
Unemployment rate, U= × 100
𝐿𝑎𝑏𝑜𝑟 𝑓𝑜𝑟𝑐𝑒
So As example, if a country has 10 million people in the labor force and 1 million
individuals are unemployed, the unemployment rate would be calculated as:
1,000,000
Unemployment rate, U= × 100
10,000,000
= 10%
Therefore, in this example, the unemployment rate would be 10%.
It's also important to note that there are various kinds of unemployment, including
structural unemployment (which results from a mismatch in the skills of job
seekers and open positions), cyclical unemployment (which is caused by business
cycle downturns or recessions), and frictional unemployment (which is temporary
unemployment experienced by people changing jobs). Gaining an insight into these
differences can help one comprehend the dynamics of the job market more fully.
Question-7. Do you think human value developed human capital for best fit?
Answer: Yes, I do.
To increase people's productivity and social contribution, it is necessary to invest
in their education, skills, and abilities. This is known as human capital
development. Formal education, training courses, and on-the-job training are all
parts of this ongoing process.
In the context of human capital development, "best fit" refers to matching a
person's competencies and abilities with the requirements of a particular industry
or the labor market. It entails determining which skills are in great demand and
giving people the education and tools they need to successfully meet those
demands.
In order to develop human capital most effectively, policymakers, employers, and
educational institutions should work together. Educational institutions can create
programs that prepare students to acquire the necessary skills and knowledge by
understanding the demands of the labor market, both now and in the future.
Employers can also have a significant impact by providing training programs,
internships, and apprenticeships that give people opportunities to apply their skills
in real-world situations and gain real-world experience. Employers can influence
the development of human capital in accordance with their unique needs through
this collaboration, and they also gain access to a skilled workforce.
Governments can help this process by offering grants, scholarships, or other
rewards to people who want to work in high-demand fields. Additionally, they can
give financial support and resources to academic institutions so that they can create
and implement labor-market-relevant curricula. The optimal approach to human
capital development benefits society as a whole and boosts economic growth in
addition to helping individuals. People are more likely to find fulfilling work,
make more money, and boost economic productivity when they have the
knowledge and abilities required by the labor market. A more resilient workforce
that can adjust to the shifting needs of the economy is another benefit of investing
in human capital development, as can lower unemployment rates and boost
innovation. By giving people the chance to raise their socioeconomic standing, it
also encourages social mobility and lowers income inequality.
In human capital development, the best fit approach is useful, but it shouldn't take
away from the significance of fostering each person's special abilities and interests.
The demands of the labor market as well as each person's unique interests and
goals should be taken into account when developing human capital.
To sum up, the best fit concept in human capital development refers to matching an
individual's abilities and skills with the demands of the job market. To guarantee
that people receive the education and opportunities they need to succeed in the
workforce, policymakers, employers, and educational institutions must work
together. In addition to helping individuals, the best fit strategy promotes societal
well-being and economic progress.
