Why do you think facility management in the sports industry is important? Which facility management practice
do you think is the most important? Please explain.
ndividuals who had however, lent money as opposed to loaned it, are likely to be most negatively impacted due to their money becoming worthless. Understandably, the negatives associated with inflation with regards to Venezuela considerably outweigh any benefits. As of January 2020, Maduro initiated an increase in the national minimum wage. The minimum monthly salary earner is currently receiving 250,000 bolivars (£2.80) , a 67% increase from the previous minimum wage – 150,000 bolivars. Alongside this, he implemented a food bonus of 200,000 bolivars (Quartz 2020) – that goes for individuals who are actually employed. It was predicted that Venezuela’s unemployment rate would have reached 50% by this year.. Venezuela’s unemployment rate – referring to the segment of the labour force actively seeking and able to undergo employment, without work – was forecasted to be 44.337% during the December period of 2019. An almost 10% increase since the year prior illustrating the apparent negative impact inflation has on employment (CEIC 2019). In the short term, individuals are likely to supply labour despite the acceleration in inflation due to the higher wages. According to the Phillips curve, inflation and unemployment maintain an inverse relationship meaning low levels of unemployment correspond to higher levels of inflation and high unemployment corresponds to lower levels of inflation – potentially deflation. Logically, this makes sense as high unemployment would put a downward pressure on prices of goods and reduce inflation. This is because a lack of income makes excess expenditure less permissive. However, in the case of Venezuela, it differs. Venezuela is undergoing extremely high inflation as well as relatively high unemployment rates. When unemployment is high, the supply for labour is traditionally greater than the demand for it, as the number of individuals seeking work significantly exceeds the number of jobs available. Therefore, increasing wages as a means of employers bidding for the service of employees is unnecessary – and so wages rem>GET ANSWER