View the videos. You may also wish to view the other videos for a deeper understanding of price controls. You may also wish to review the CBO Report on employment and income impacts of an increased minimum wage.
** Based on the videos, the readings and any additional research you decide to do (remember to cite and reference all your sources) what you do think will be the market impact(s) of the proposed increase in the federal minimum wage to $10 per hour?
a) Will the proposed increase help workers? And if so which part(s) of the labor market will be helped.
b) Which part(s) of the labor market will hurt by the proposed increase? How will they be hurt?
c) What will happen to the prices of goods and services produced with minimum wage labor?
4) What is your conclusion? Is this proposal a good idea or not? Explain why.
5) Refer to at least two different key concepts (names and definitions using CAPITAL LETTERS) from this week’s Chapters (5-8). Your illustration of concepts MUST include an explanation why you think they are relevant to the week’s topic using specific information from the articles, videos and other research that you have done.
Textbook Reference: Mankiw, N. G. (2014). Principles of Economics (8th ed). Stamford, CT: Cengage.
ISBN: 9781337552134 – Loose Leaf
