Eco 100 Week 9 Discussion Eco100 Week 9 Discussion

One of the biggest political topics in today's society is the federal minimum wage and whether it should be raised or kept at where it is now at $7.25 an hour. Arguments could be made for both sides on whether it should be raised or left alone. The majority of minimum wage in today’s job market are unskilled positions. Minimum wage jobs were created for teenagers and colleges kids as a way to get into the workforce and to have a little extra money for themselves. It was not designed to be a wage for people to live on. Increasing the minimum wage would hurt the economy by hurting small businesses, a huge loss of jobs and it would increase the competition between teens and adults. Overall if the federal minimum wage is increased it will have many negative effects on the economy.

a. Say we are already suffering the long-run consequences of the policies of the remote or recent past.

One of the most talked about subjects in the U.S economy is the topic of minimum wage. With president Obama’s increase in the minimum wage to 10.10$ per hour people, both economists and politicians alike, have been debating whether raising the bar is a smart idea. At a time when the country the country’s inflation continues to rise at a steady pace and Americans are constantly working to feed their families, some economists know that a raise in the minimum wage would help elevate some of the difficulty. The last time the federal minimum wage was raised was in July of 2009, where rose from 6.55$ to 7.25$. However, there are plenty of reasons as to why the wage should be raised. Some may not think it, but raising the

The concept of market structures and competitive strategies are important when attempting to compete in any market. Understanding what market structure your product falls under can help companies develop better competitive strategies and identify potential for loss and gains. The athletic footwear industry in the United States is highly profitable and continuously growing. In this paper I will identify market structure of the athletic footwear industry, the major retailers, and competitive strategies that can be used to maximize profits.

1. The financial choices we make impact our economy. Think of a recent item you purchased. What factors influenced your decision in making this purchase? Did this purchase impact your local economy? Explain why or why not.

There is an old cliché that say “the more money you make, the more you spend.” How accurate is this statement? What effects does wage increases, have on inflation? Lately the topic of discussion conveys the matter of minimum wage increases sparking an increase the cost of living. The individuals who would not receive pay raises; but will be affected by cost of living increases as well as labor costs, do not want to see the wages go up. However there are people scrambling to survive on minimum wage or slightly more, while other individuals struggle to feed their families every month. The other side of the debate is the wealthier population feels the lower income population needs work harder to move up the corporate ladder in order to earn more money. While the individuals themselves feel they should be making more money for the work they currently do and services they provide. In this paper, I will cover subject matter pertaining to the many different aspects that come along with wage increases. After analysis of all of the information the choice will be made whether to side with wage increases based on the opinions of individuals on both sides of the argument. Also I will highlight what will be best for the economy and in my opinion what is best for the people.

The increase of minimum wage could lead to a better quality of life. Many had lived barely paying for the minimal necessities such as shelter, food, water, clothes, etc. The topic of

The issue of the minimum wage has recently come to the forefront of the debate on social policy. There is much disagreement over the wisdom of an increase in the minimum wage in the current fragile economic recovery. Some argue that a dramatic increase is what is needed in order to lift the standard of living for those in the bottom of the economic pyramid. Economists reason that the basic principle of supply and demand mandates than an increase in the wage would result in the loss of available jobs. Small businesses maintain that it would spell their doom.

The issue of raising the minimum wage from $7.25 to $15 an hour is a heavily debated topic. Both sources against or in favor of the minimum wage refer to a “growing gap” between low-income workers and high-income earners. Sources against the minimum wage believe raising it will increase this gap, whereas those in favor of the minimum wage believe it will decrease this gap. The arguments in favor of the minimum wage rely mostly on ethical beliefs, such as “pay should reflect hard work,” to advance the need for a higher minimum wage. Whereas, the arguments against the minimum wage use quantitative data like unemployment rates and economic analysis involving supply and demand to undermine the policy behind the minimum wage. Ultimately, the

I will always try to communicate with others so that I can solve problems and help people to the best of my abilities. Communicating helps for me to connect to the other players problems or situation. If someone needs help to report someone, I will do it straight away and help him get passed his or hers problem. Sometimes, the players will not be getting help from the staff members. I would love to reduce that problem and will answer there questions safe and soundly no matter who it is.

Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes?

Labor is an important service that must be available and balanced in an ever growing population. For example, there cannot be a larger number of residents than there is labor or else there will be a definite increase in poverty. In the United States, there is a set law of minimum wage, which has an effect on companies and how they manage their labor force. The increase of the minimum wages affects the overall distribution of hours available, therefore, hurting the amount of labor needed. Conversely, minimum wage also has a major effect on those who recetly entered the workforce. If the minimum wage rises, there will be an increase of the unemployment rate. Correspondley, as the unemployed suffer, the first to be affected will be incoming laborers who are looking for jobs and work experience which is essential for their future. However, the upside of increasing minimum wage is that for those employed who keep their jobs they will earn more income which may increase the

Consider the last purchase you made in these categories: personal electronics, clothing, and vacation destination. To what extent was your purchase decision influenced by decision-making complexity, individual influences, social influences, and situational influences? What specific issues were the most influential in making the decision? How could a marketer have swayed your decision in each case?

Following the recession of 2008, wage growth has been a major objective for the US economy. Recently, the addition of 200,000 jobs to the U.S. economy resulted in wage growth at the fastest rate in eight years, up from 2.5% to 2.9%. The Republican tax law is expected to continue increasing wages because corporations have been rewarding employees with raises. Several states have increased their minimum-wage which has contributed to significant wage progress. Meanwhile, the unemployment rate remained at a record low of 4.1% since 2002 according to the Labor Department. Consumer confidence is just below its highest point. Nonetheless, there are several setbacks. The increase in jobs is creating aggressive and competitive employers for skilled workers. The number of people who are underemployed, people with part-time jobs who want full-time jobs, has increased to roughly 5 million people. In addition, the average work week declined to an average of 34 hours a week. As a result of wage increase, there will be a boost in inflation which will cause the Federal Reserve to increase interest rates faster or more frequently. To many, this situation gives hope to a happier economy and country.

This essay will be explaining how different aspects of Economics affect the consumer and how helpful it is for people to understand them. Different economic ideas and concepts will be explained in detail and will include examples displaying how it applies to the average consumer. The vocabulary being explained will be terms that will indefinitely affect every consumer and will show how important it is for society to be familiar with economics.