HRM is one of the fastest-growing disciplines in business. Business leaders are calling for HR professionals who understand how economics affects the attracting, motivating, developing, and retaining

Week 1: HRM is one of the fastest-growing disciplines in business. Business leaders are calling for HR professionals who understand how economics affects the attracting, motivating, developing, and retaining of top talent. Choose one of the concepts introduced in this module (except the law of diminishing returns) and explain how knowledge of this principle can improve human resource management in organizations. Give an example from your own experience if possible.

Course Materials/Bibliography

Module 1

Videos

Clifford, J. (2014). EconMovies 4: Indiana Jones (Demand, supply, equilibrium, shifts). Retrieved from https://www.youtube.com/watch?v=RP0j3Lnlazs. Standard YouTube License.

Clifford, J. (2014). Elasticity and the Total Revenue Test. Retrieved from https://www.youtube.com/watch?v=HHcblIxiAAk. Standard YouTube License.

Lobsey, S. (2013). Marginal cost and marginal revenue. Retrieved from https://www.youtube.com/watch?v=iViIC3A3rr8. Standard YouTube License.

McCarthy, J. (2012). Difference between fixed and variable costs - Quick Draw with Jim McCarthy, Goldstar CEO. Retrieved from https://www.youtube.com/watch?v=wBBfA9q8FSQ. Standard YouTube License.

Nichelle, E. (2012) Diminishing marginal utility. Retrieved from https://www.youtube.com/watch?v=d0AouX33WMk. Standard YouTube License.

The Law. (2019, July 21). The law (or principle) of diminishing marginal returns (or productivity) explained in one minute. One Minute Economics. Retrieved from https://youtu.be/lt6LpwBNSlM. Standard YouTube License.

Welker, J. (2012). The law of diminishing marginal returns in a toy truck factory. Retrieved from https://www.youtube.com/watch?v=CfioxJ4E_h4. Standard YouTube License.

Required Reading

Jawad, M., Lee, J. T., Glantz, S., & Millett, C. (2018). Price elasticity of demand of non-cigarette tobacco products: A systematic review and meta-analysis. Tobacco Control, 27(6), 689. doi:http://dx.doi.org.ezproxy.trident.edu:2048/10.1136/tobaccocontrol-2017-054056. Available in the Trident Online Library.

Lee, T. W., Hom, P., Eberly, M., & Li, J. (. (2018). Managing employee retention and turnover with 21st century ideas. Organizational Dynamics, 47(2), 88-98. doi:10.1016/j.orgdyn.2017.08.004. Available in the Trident Online Library.

Marginal revenue and marginal cost of production (2019). New York, NY: Newstex. Available in the Trident Online Library.

Price Elasticity of Demand. (2010). NetMBA. Retrieved from http://www.netmba.com/econ/micro/demand/elasticity/price/

Optional Reading

Allen, K. & Economy, P. (2008) Chapter 21: Econ 101 – The Basics of Economics in Complete MBA for Dummies (2nd Ed.). Hoboken, NJ: John Wiley & Sons. Available in the Skillsoft database in the Trident University Library.

Coombs, J. (2014). Slow going ahead. HRMagazine, 59(12), 34-38. Available in the Trident Online Library.

Law of Diminishing Marginal Returns. (2018). Investopedia. Retrieved from http://www.investopedia.com/terms/l/lawofdiminishingmarginalreturn.asp

Market Structures. (2017). Policonomics. Retrieved from http://www.policonomics.com/lp-market-structures/

Metcalf, T. (2018). What are the benefits of marginal costs equal to marginal revenue? Small Business - Chron.com. Retrieved from http://smallbusiness.chron.com/benefits-marginal-costs-equal-marginal-revenue-59579.html. Copyright © 2018, Hearst Newspapers, LLC.

Pettinger, T. (2015, July 21). The Law of Diminishing Marginal Returns. EconomicsHelp. Retrieved from http://www.economicshelp.org/microessays/costs/diminishing-returns/