...Assignment: Pick a Topic and Persuasive Essay) Part 1: Pick a Topic from the two listed below… 1. Should government raise the minimum wage? or 2. Should government set the price of gasoline? You will need to research for and against arguments based on the topic you selected. Note your sources as you will need to provide MLA citations later. Part 2: Compose your Essay. (80 Points) Write a persuasive argument as an essay or blog entry to address your topic. Use a minimum of 400 words. State your claim clearly with details from reliable sources. 3. Your essay will include no less than four paragraphs: Should government raise the minimum wage? or Should government set the price of gasoline? (1) Introductory Paragraph which contains your position, (2) Supporting Paragraph #1 in support of your claim with three examples (3) Supporting Paragraph # 2 opposing your claim with at least one example and how you challenge it (EXAMPLE: ALTHOUGH….) (4) Closing paragraph restating your claim. Write your essay below. At the end of your essay include your MLA Citations to cite your reliable resources. Visit this website for help composing your MLA Citations: http://www.citationmachine.net/mla/cite-a-book Suggestions for websites to use: Step 1: Pick a Topic Minimum Wage- For / Against: Shows both sides: http://www.newyorker.com/news/daily-comment/demonizing-minimum-wage If you are in favor of minimum wage increase: http://www.huffingtonpost.com/peter-van-buren/arguments-against-raising_b_5719035...
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...The minimum wage rate is introduced in this essay, with the perspectives of weighing the benefits with that of the costs of the national minimum wage. The essay goes about discovering what exactly is minimum wage and how it impacts the economy. Moreover, the advantages are compared against the disadvantages of the minimum wage rate. Furthermore, it also covers the detailed consequences of increased minimum wage after a research on what economists have surveyed about the recent increase in the minimum wage. Thus, this essay has thoroughly evaluated the pros and cons of implying with the law to allow for national minimum wage in the labor market. The minimum wage act was created in the 1938T as Fair Labor Standards Act, which makes it legally compulsory for the employers to pay their employees for the period of time worked. The minimum wage could be defined as the “minimum rate of remuneration that is must to be paid to a wage employees for the work they have done over a period of time, which cannot be neglected or reduced by individual contract and collective agreement”. The eligibility of minimum wage is that it is allotted to workers who are below 20 years old, for long as the probationary period lasts that is for almost 3 months. The minimum wage rate...
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...The current debate of raising the minimum wage at a national level is one of the biggest things legislatures are talking about nation wide. Because it has been slightly put down at a nation level, legislators at a state level are trying to push higher wages through. The effects of raising the minimum wage range from inflation to unemployment. Angel-Urdinola, Diego. "The Impact on Inequality of Raising the Minimum Wage: Gap- narrowing and Reranking Effects." LABOUR: Review of Labour Economics & Industrial Relations. Jun2004, Vol. 18 Issue 2, P317-327. Wiley Blackwell, June 2004. Web. 19 Feb. 2015. In this research paper, Angel-Urdinola uses examples from other countries to prove why raising the minimum wage isn’t effective. He says that raising...
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...Ribeiro de Miranda 10/06/2014 EN 131E – Composition Essay 1 The World Goes Round Is it possible to live earning just a minimum wage? Is it fair to pay workers a low wage? Throughout the United States it is possible to see workers earning just a minimum wage. The working class that receives this low wage is bigger than people can imagine, such as waitresses, hotel receptionists, ambulance drivers, and others. It is right paying these workers low wages; therefore, the value of the minimum wage is wrong. The current minimum wage is not following the inflation in the country. As quality of life is directly linked to inflation, low-wage workers are subject to greater difficulties. The minimum wage is the lowest wage that employers may legally pay their employees for time and effort spent in producing goods and services. It is also the lowest value at which a person can sell their labor power. In the United States, the minimum wage is regulated by the government of each state; therefore, it cannot be less than the value stipulated by the federal government. According to the National Conference of State Legislatures, the current minimum wage provided by the federal government is $7.25. Although some states have established their own minimum wages, often higher than the stated by the federal government. Over the years, people seek to improve their skills in order to have a better understanding; therefore, it will increase their chances of getting a job with a better salary. Those...
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...ECON 201 Dr. Peach Fall 2015 Research Report #2: The Minimum Wage In Research Report #2 you will be analyzing state-level differences in the minimum wage. In your essay, answer the following questions with data from the sources provided at the end of the assignment. Only use data from the sources provided! Remember, this is an academic essay so it should read as such. Note: the unemployment rate and per capita income for the U.S. are not the average of these variables across the 50 states. In your essay answer the following questions using economic theory, data, and your own insights. Your essay should be about 500 words in length (about 2 pages double-spaced with standard font and margins). The page length does not include your tables. Include the following heading information: Your Name Section You Attend The Minimum Wage and Unemployment in the United States Questions to Answer 1. What is the rational for implementing a minimum wage i.e. what is its intended purpose? 2. Which states have a minimum wage that is higher than the federal minimum wage? Include Washington, D.C. as a state. 3. Which state has the highest minimum wage? What is it currently? What feature of it makes it likely that it will increase over time? 4. Create a table with the unemployment rate in August 2015 for the states referenced in question 3. Calculate the average unemployment rate for the group. Is this average higher or lower than the national unemployment rate for...
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...CCGL 9018 Final Essay Name: CHAN YIK UID 3035036503 Case study of Wal-Mart Introduction In this essay, the case of Wal-Mart will be discussed by applying the Milton Friedman’s argument on CSR and utilitarianism. Wal-Mart is the largest retailer in the world, however, it is also known for ruthless exploitation of employee, squeezing suppliers, and crushing communities. It has been the Public Enemy No. 1 for a generation of activists and reformers. To cope with these oppositions, Wal-Mart responded vigorously and, instead, announced plans to preserving the environment, fighting hunger, empowering women and providing access to healthy, affordable food. The essay will try to argue the problems of Wal-Mart dominating the world in the retail business to create great profit by giving low wages to the employee according to Milton Friedman and utilitarianism. Also, it will discuss how the plans announced by Wal-Mart deal with the global responsibility. Moreover, how should government involve in this situation. Problem: Low-wages for the Employee 1. Milton Friedman According to Milton Friedman, an American economist and philosopher, the most important social responsibility of a corporation is to maximize profit for its owner- stockholder (Friedman, 1970). He suggested that if a corporation put the focus on being socially responsible, it would make the corporation less competitive with those competitors who did not put much focus on social responsibility. For the...
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...Argumentative Essay: Is it really worth it? LABR 1F90 Haseeb Mohammad 5591979 T.A – Nathan Cecckin March 25, 2016 “I do not support raising the minimum wage, and the reason is as follows. When the minimum wage is raised, workers are priced out of the market. That is the economic reality that seems, at least so far, to be missing from this discussion.” as John Sununu states, raising minimum wage is not a great decision. The minimum wage rate must not increase for the reason that this will put many firms out of business, and will also lower the employment rate. Assuming firms are employing resources at maximum efficiency, increasing the labor wages will cause immense damage. An increase in minimum wage will not help our economic system become efficient; in order to allow our economy to run smoothly there mustn’t be an increase in labor wages. Increasing wage rates will increase the unemployment rate resulting in an increase in inflation allowing an increase in poverty, increasing the minimum wage rate will also increase the expenses for businesses, and lastly it will also affect a majority of high school students. If the industries suppliers’ prices increase along with the wages many industries will start to go bankrupt because of the decrease in demand for the industries’ products, resulting in a decrease of employment for low skilled workers, or young people just as Niels Veldhuis & Sylvia LeRoy explain in their academic journal, “Specifically, he concluded...
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...Federal Minimum Wage Proposal Research Essay MDH-ECO210 President Obama has proposed to increase the Federal Minimum Wage to $10.10 as well as increase the Earned Income Tax Credit among other items associated with this. There are those who oppose the increase to Federal Minimum Wage as well as those who support this proposal. What we have to question when looking at this increase is whether or not it will actually help the economy or if it will simply raise costs of everything we buy on a daily basis. It is necessary that “businesses need to have money available to pay for labor, materials, power, and other inputs” (McConnell, Brue, Flynn, 315). It is debated if raising minimum wage will stifle these businesses, by increasing their pay rate for labor. There are many factors to consider when looking at this proposal that has a multitude of pros and cons. If this constant debate continues as it has in the previous instances then the typical result will be that most Republicans will oppose the proposal while the majority of Democrats will be in favor of passing the bill. President Obama is quoted as saying in his State of the Union address that “in the wealthiest nation on Earth, no one who works full time should have to live in poverty” (Hassett, Strain, 2013). The case that is made against raising the minimum wage is very simple; by raising the minimum wage it makes it more expensive for businesses to hire employees. Those who retain their jobs will make more money;...
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...we get and also the wage rate (Parkin et al 2012). The labour market is a place where workers and employers interact with each other in order labour for wage. Employers in the labour market compete to hire the best labour force while workers compete for the best satisfying job (William E, 2013). The government intervene on this market to regulate workers being exploited from employers, the intervention also create problems for both the workers and employers. This essay will discuss the advantages and disadvantages on government intervention on this market. Firstly, we will discuss the advantages and disadvantage of minimum wage on labour force followed by other government interventions such as taxation. There are several advantages of the minimum wage on workers. The minimum wage could benefit low wage workers (Hui T.W 2013), it could also lead to skill upgrading which will enable workers to earn higher pay is premised on existing skill training and increased opportunities of workers. A general job-specific, professional and executive training course has been implemented by the Singapore government which is being funded to increase workers employability and skills. It also motivates employers to seek improved skill workers which will increase productivity in line with the higher paid wage. Therefore, minimum wages provide a platform to skill upgrading and wage increase whereby enhancing workers to reach their full potential. The minimum wage increases the living standard...
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...or is uncertain and explain your answer. 1. A firm earning zero economic profit is paying each factor’s owner the market value of that factor’s marginal product. 2. Input substitution increases the factor price elasticity of demand. 3. If individual workers substitute leisure for income at higher wage rates, the market supply curve of is negatively sloped. 4. Factor A is a major input in the production of commodity B. A price ceiling on A below its equilibrium price will increase the price of commodity B. 5. Industry A uses more capital per worker than does industry B. Therefore, wage rates in industry A must be higher than in industry B. 6. The marginal productivity theory of distribution implies that under universally competitive conditions, the distribution of income is fair. 7. Labor’s marginal revenue product curve in an imperfectly competitive factor market is a mutatis mutandis demand curve. 8. A competitive firm uses two inputs, labor (L) and capital (K). A decrease in the wage rate will lead to a reduction in the quantity of capital employed in the long run. 9. The ratio of wages in competitive occupation Ato wage rates in competitive occupation B is 2. After a payroll tax of 10% in both industries, the ratio of the equilibrium wage rates will increase. 10. Community A has a preferred set of government services relative to community B. Both communities finance their local government services with property taxes. Since property tax rates...
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...Essay Three The president of the Seattle credit card processing company Gravity Payments, Dan Price, recently announced that a cut would be made to profits and his pay in order to raise the minimum wage at the firm up to $70,000 a year. This move by Mr. Price has drawn both applause from some and criticism from others. Among those criticizing the move, suggestions are being made stating the move is counterproductive because it creates an incentive for workers to slack off and be lazy, some insist it is not the right method of operating, and Rush Limbaugh has gone as far as referring to this method as being “pure, unadulterated socialism.” By setting this new minimum wage, Mr. Price is not following the forces that influence wages and rule to maximize profits within the market, instead he is deciding to do what he believes is best for him, his employees, as well as the firm, specifically in the long-term. Mr. Price also suggests that his decision will help reveal the “corrosive effects of income inequality” in society. Another word in is defense was made by an economist at the conservative Manhattan Institute for Policy Research, by stating “you get what you pay for” when dealing with the labor market. Only after a few days after Gravity Payments made the announcement, they “heard from more than 3,500 hopeful applicants” and “signed up several new clients.” The decision by Dan Price to increase minimum wage will definitely affect both the demand and supply of labor...
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...later. They are the fallacies of overlooking secondary consequences and only striking the eye. Hazlitt (2008) showed that the whole of economics can be reduced to a single lesson and the core problem with economic policies can be reduced to a sentence: people should look beyond, looking not merely at the direct but at the longer effects of any policy, then the consequences of the policy influence on all groups rather than merely one specific group. This essay will focus on the application of minimum wage laws. The labour unions and legislation are the main power to create the minimum wages (Brown, 1988). In France, for instance, the minimum wages are extensions of existing trade union legislation. Minimum wage laws are the body of laws which prohibit employers from hiring employees or workers for less than a given hourly, daily or monthly minimum wages. The final purpose of regulate the minimum wages is boosting the production and encouraging the consumption of the employees who have low income. However, these wage laws ignore one real issue, the unemployment. In reality, the employers will not hire the employees who cannot produce goods or provide service. Then the unable workers will be fired by their leaders, which lead to the issue of unemployment. Considering the high costs, these entrepreneurs will shut down their business, because they...
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...The global financial crisis of 2007 – 2008 caused great concern for the World Trade Organisation as they felt that countries would persuade their governments to implement price floors in order to support and restore domestic markets. Price floors are regularly employed in a wide spectrum of industries by governments, as an intervention in the free market, in order to protect producers and suppliers. This is achieved by legally setting a minimum price a good can be sold for, above the equilibrium price (Government Intervention in Market Prices 2014).However price floors are associated with many negative economic implications and disadvantages which encouraged economic inefficiency, such as, an increase in production levels causing surplus, misallocation of resources and higher prices for domestic consumers (Rockoff 2008). This essay will seek to discuss and explain the economic efficiency of price floors in relation to the modern finical crisis using real world examples. Many modern economies are regulated by governments through the implementation of price control methods. This is important for the government to protect its interests, as well as protecting selected producers in the economy from exploitation. One such way in which governments regulate their economy is by applying price floors (Government Intervention in Market Prices 2014). A price floor is the lowest legal price a commodity can be sold for and are targeted at ensuring prices for particular goods aren’t too low...
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...Title: Write an essay which uses a variety of sources to analyse the main causes of unemployment. Identify strategies that governments can use to reduce each of these causes. Assess which of these strategies might be most useful in reducing unemployment. Governments often regard reducing unemployment as one of the main economic objectives. Unemployment is the existence that there is labour force able and willing to work but is unable to be employed (Bannock, Baxter, 2011). It tends to follow a cyclical pattern. In the early 1990s, the unemployment began to rise as economies around the world went into recession. On the other hand, in the mid-1990s, unemployment fell as the world was in the period of expansion. The UK is now in a very low level of unemployment. The causes of unemployment can be categorized into equilibrium unemployment and disequilibrium unemployment. It can be classical, cyclical, frictional and structural. This essay will first describe the main causes of unemployment. Then, it will survey the possible policies that can be adopted by the government to reduce these causes. Finally, it will evaluate the most useful policy. Disequilibrium unemployment is the condition that the supply of labour exceeds the demand of labour and the wages remain relatively unchanged (Gillespie, 2011). Classical (real wage) unemployment and cyclical (demand-deficient) unemployment are two possible causes of disequilibrium unemployment. Classical or real wage unemployment will happen...
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...Raising the minimum wage to me doesn’t make sense at all because all it does is cause unemployment. My opinion is that people will less likely be hired if they don't have proper education. Raising minimum wage means more people are laid off because companies will not be able to afford having so many workers or they will just build computers to do our jobs for us. High school students will no longer have easy access to jobs,because companies are not going to want to pay a high schooler the same as an adult with more experience. Why would they hire an inexperienced high school student and pay them as much as a highly skilled adult. Also by increasing minimum wage it impact not only job, income gap, but also inflation. The increase would have other ripple effects, such it would raise the price of goods as companies would have to increase the price of their products to offset what is being paid in wages to their employees or this could lead to companies outsourcing more to outside of the country like to India. The audience this essay will be pointed towards are the people protesting about minimum wage without educating themselves on the impact it will...
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