1. Analyze what happens when a higher minimum wage is enacted (raising a price floor on the price of labor). Will the number of workers hired change? Why? What might be an unintended consequence of a higher minimum wage law designed to help low income workers? If the minimum wage was to be higher than currently I will feel that this would have a negative effect on the economy. Let’s start off with the most obvious reason if a company has to pay their employees more to build the product then they
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Minimum-Wage “There are people in the world so hungry‚ that God cannot appear to them except in the form of bread.” Mahatma Gandhi. Recently there are some people living in a house and they have many things like TV‚ computers ...‚ but they live on poverty line due to the high cost of living. In the last seven years‚ the cost of living has increased but the salary is still stable. Especially in the United States the minimum-wage hasn’t been increased for seven years‚ and that’s why there are many
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Another research about women wage gap is conducted by Kidd and Shannon (2002) in Australia. This research tries to project the future gender wage gap in 2031 by using income distribution survey in 1996 and Australian Bureau of Statistics (ABS) demographic projections (Kidd & Shannon‚ 2002). The result shows that even though there are a significant number of women in the workforce‚ the gender wage gap will not change considerably in 2031 (Kidd & Shannon‚ 2002). Moreover‚ despite women achievement
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Hello Julia‚ I agree with you. minimum wage should not be raised because there will be high price production‚ and inflation‚ which will hurt consumer especially the low-income family. Raising the minimum wage commonly may be seen as a way to give a low-income worker a raise‚ but it resulted in a surplus since the minimum wage is a price floor. Surplus happens when the quantity of supply is greater than the quantity of demand. In this case‚ more people are willing to work than employers are willing
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In the situation of working post-high school at a minimum wage job‚ I would be making $10 an hour‚ with an additional $2 an hour due to my ability to fluently speak Vietnamese. Working thirty-two hours a week with a bi-weekly paycheck‚ I would be making $768 bi-weekly‚ summing up to $1536 as my monthly gross pay. However‚ my net pay would only be $1393.15 due to $142.85 going to taxes. Based on my net pay‚ I decided that I will stay at home. Moving out would not be the best option for me because
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First of all‚ one of the many groups that will be greatly affected by the raising of the minimum wage would be companies or businesses‚ especially small ones. Companies and businesses have a hard time adjusting with the amount of money they will need to pay their employees because they might not have the money for it. The companies can go into different direction because “Companies that are forced to pay their low-skilled employees a premium are faced with few options: drive up prices‚ reduce employee
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Rationale: This is a letter written to compliment a cartoon criticizing the gender wage gap. The writer which is a female character in the business world‚ she reaches out to the publishing newspaper to promote their work and also she talks about how much the cartoon helped her. Also making a point by analyzing the gender wage gap. The letter is an informal letter‚ so the characters use of English will not be as academic and formal‚ so slang language and shortcuts such as won`t or can`t be seen
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Soccer Federation of wage discrimination.
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1/5 Minimum Wage Policy and the influence it has on the economy As wage is one of the key elements to which people attach greatest importance when finding and choosing a job‚ wage policies of a country can do a lot more to the economy of the society in many aspects such as employment‚ productivity‚ inflation than we people often thinks they can. Every country has its own wage policies‚ which is due to their political structure and many more other factors. Different wage policies have different influence
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One of the effect of imposing minimum wage to the economic is poverty rate increase. Most of the people will think that if a firm pay their low wage employees more‚ so the workers will earn more and will not live in poverty. That is an incorrect statement. When government raise the minimum wage‚ the firms will incur more expenses due to they have to pay more on the wages. Therefore‚ the firms will have 2 options. First‚ they hire less worker and use machine to replace the workers. With this option
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