This is for a careers brochure we’re making in class. We must have one question that addresses societal and economic trends (for example, globilization, developments in information technology, emerging work style alternatives, changing demographics) and how they affect the job market.
Try asking what is the impact of an increase in the minimum wage on the availability of entry level positions and total wages paid to those who fill those positions? You might also ask what the anticipated reaction of job-providers would be?
I don’t know if you’ll get the correct answer here, but I suspect that many would be surprised to know the real (measured) impact.
Hint: Imagine your reaction if you owned a business employing 50 minimum wage employees and the mandated wage goes up by 20%. Would you:
a. Knuckle under, pay the higher wage, maintain your prices and make less profit?
b. Pay the higher wage, raise prices to compensate and hope that your competition doesn’t transfer jobs to China?
c. Hire undocumented workers for less than the minimum wage and hope you don’t get caught?
d. Lay off 20% of your workforce and try to squeeze more output out of the remaining 40 employees?
e. Follow the competition and transfer your jobs to China?
Which of these possible "solutions" is best for the U.S. economy and labor market?
what in the world
References :
How does the influx of so many poor illegal immigrants affect our culture, economy, values?
References :
with both men and women in the work force just who is going to watch the children and teach them?
References :
Try asking what is the impact of an increase in the minimum wage on the availability of entry level positions and total wages paid to those who fill those positions? You might also ask what the anticipated reaction of job-providers would be?
I don’t know if you’ll get the correct answer here, but I suspect that many would be surprised to know the real (measured) impact.
Hint: Imagine your reaction if you owned a business employing 50 minimum wage employees and the mandated wage goes up by 20%. Would you:
a. Knuckle under, pay the higher wage, maintain your prices and make less profit?
b. Pay the higher wage, raise prices to compensate and hope that your competition doesn’t transfer jobs to China?
c. Hire undocumented workers for less than the minimum wage and hope you don’t get caught?
d. Lay off 20% of your workforce and try to squeeze more output out of the remaining 40 employees?
e. Follow the competition and transfer your jobs to China?
Which of these possible "solutions" is best for the U.S. economy and labor market?
References :