The Importance of a Degree in Human Resource Management

In economic theory, the law of supply and demand is considered one of the fundamental principles governing an economy. It is described as the state where as supply increases the price will tend to drop or vice versa, and as demand increases the price will tend to increase or vice versa. Basically this is a principle that most people intuitively grasp regarding the relationship of goods and services against the demand for those goods and services. When supply and demand are in balance, the economy is said to be in equilibrium between price and quantity. This is a very simple principle but when we examine specific instances of goods and services against a particular demand, we see that this behavior seems to hold true. Let’s examine the supply aspect of this statement. This is the component that provides the goods and services, so effectively this is the element that brings things to “market” for which the consumer or demand side reacts. One of the big items considered on the supply side is the cost of labor.
“As wages rise, the supply of goods and services is reduced, because wages are the input price of labor. Labor accounts for about two-thirds of all input costs, and thus wage increases create supply reductions …” (Introduction to Economic Analysis, McAfee).

With this in mind we know that because of that fact each organization is economically competing against the other. In a competitive market, there are a large number of firms, each having a small proportion of the market share and slightly differentiated products. This is where my proposed degree comes in. Human resource management (HRM or simply HR) is the management of an organization's workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. The difference between customers patronizing your business instead of