XECO 212 Historical Example of Labor Supply and Demand

XECO 212 Historical Example of Labor Supply and Demand -...

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Between 1347 and 1350, the Black Death was easily one of the deadliest pandemics in the history of humankind. Black Death is commonly known as an outbreak of bubonic plague which killed roughly 50 percent of Europe’s population. The impact it had on the supply and demand of labor in the labor market was horrendous. With so many people dead or dying at such a rapid pace, many of the local farmers and tradesmen lost the business of the citizens who were ill or dead or the farmers and tradesmen themselves died. If the farmers were ill they could not make money to feed their families and they in turn might have passed away. With so many deaths occurring, the supply of agricultural goods lessened, thus creating more demand. There is a theory that the size of the population may have contributed to the impact that the Black Death had on supply and demand.
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Unformatted text preview: The factor at that time that affected labor supply and labor demand was that so many people were dead or dying. Nearly half of Europe’s population had passed away. In the 14 th century, most of Europe’s citizens were farmers. With so few farmers available at the time, how were remaining farmers supposed to keep up with the demand for products they didn’t produce. Even the products they did produce were in short supply simply because the demand for food had to be met with alternatives. People had to eat, so to compensate for the produce that was not being harvested, people had to resort to eating what was available from other farmers. This put a huge strain on the remaining farmers and their own supply....
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