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positive effects of increasing minimum wage
positive effects of increasing minimum wage
positive effects of increasing minimum wage
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An important part of owning your own business is making sure that the profits are always going up. This includes the increase of customers as well as sales. There are numerous ways to ensure that a business keeps from either staying stable or decreasing in sales. One way for an owner to grow his business is through expansion, but expansion is not always helpful. A pro of business expansion could be Expansion is a very popular mechanism in business upkeep. Owners often evaluate the pros and the cons of it and decide to take the leap anyway. A primary benefit of business expansion is the opportunity to gain new customers. When you move into new markets, you can bring in customer markets that never would have been possible before the expansion. …show more content…
This makes it especially important that you carefully take the market potential of expansion into consideration before making the investment. It is always extremely important to think about the return on an investment or new market before considering expansion. In conclusion, business expansion is one way for an owner to grow a business. Although this way has both advantages and disadvantages, it should still be considered in keeping a business fresh and up to …show more content…
She claims, “Literally, if we took away the minimum wage—if conceivably it was gone—we could potentially virtually wipe out unemployment completely because we would be able to offer jobs at whatever level.” By saying this, Bachmann is implying that yes we could wipe out unemployment, but at the same time we would gain “professionals” in important fields that actually aren’t qualified professionals at all given the fact that fast food workers would have the potential to make as much as a doctor. This is a very good point but Brown has another view on minimum wage.
Brown views the raising the minimum wage as an opportunity to give those that struggle with money, a way to finally relax. Brown states, “Anyone who’s tried to pay a heating bill, fill a prescription, or simply buy groceries knows all too well that the current minimum wage does not cut the mustard.” In making this statement Brown is saying that minimum wage the way it is now does not make up for the cost of living. People struggle every day because their minimum wage paying job doesn’t pay their bills. Both Bachmann and Brown have great points but I only agree with
can expand through marketing ideas and ways the company can save money by not stocking up on as
The second advantage of franchising is rapid expansion. Due to the lower costs to start franchising businesses compare to opening corporate-managed companies, the franchising has a much greater rate of expansion. The entrepreneur has limited ability to raise capital when start a new business, therefore, franchising is the most effective way to expand rapidly into new markets.
On April 4, 2016, California Governor Jerry Brown signed a bill that would significantly raise the minimum wage for California workers. By 2022, California 's workers will receive a minimum wage of $15 per hour (Kurzweil, Anthony, Sara Welch, and Kareen Wynter). Brown signed this bill because employees cannot live above the poverty line if their minimum wage is not proportional to the cost of living (Scheiber, Noam, and Ian Lovett). The purpose of the minimum wage is to ensure that workers can provide essential amenities for themselves and their families. Many economists have been in a debate about this topic with mixed feelings, whether increasing the minimum wage would be a reasonable legislation or not. For most average American workers, at first, the idea of raising their salaries might make them feel thrilled and optimistic. However, increasing the minimum wage will have its pros and cons effect on the economy. Despite numerous of arguments from both sides, a compromise can be met regarding minimum wage.
"When we talk about the kind of folks whose lives will be made better by raising the minimum wage, we're not talking about a couple teenagers earning extra spending money to supplement their allowance. We're talking about providers and breadwinners. Working Americans with bills to pay and mouths to feed."
The minimum wage today has a lot of issues; some people say it is not enough to live comfortably. Many agree that there needs to be an increase in minimum wages and by doing that it can help with our issues of poverty. Statistics show that a worker who is full time and earning minimum wage makes only $15,080 a year, which is under the federal poverty line for a family of two. (Gitis, 2013) The problem with that is $15,080 is not a sufficient amount that a person can live and grow on. “A family of two can consist of a mother and son or daughter, father and son or ...
"The rich get richer while the poor get poorer." This quote was originally stated in William Henry Harrison's 1840 speech but sadly enough can still be used today to describe our economic downfall and crisis. With California currently holding a minimum wage at $10 many argue that this just isn’t cutting it anymore. One of the only ways to live prosperously on this income is to work, relentlessly, day in and day out. With many people living day-to-day and paycheck- to-paycheck, it is safe to say that the place minimum wage is right now is not working for most of the nation. With our developing economy, standards of living, unemployment rate, and debatable employee morale, it just seems right to increase the minimum wage.
...ative aspects of diversification, for example through better corporate planning, human recourse management and reaching further synergies between its various business lines.
Imagine a world where you are working overtime, seven days a week, yet your kids are starving. You can’t get the education you need because you don’t have the time and money to afford it, and you can’t change jobs because this is the only one you can get. Unfortunately, this is the reality for millions of Americans living today. The federal minimum wage is too low to help families, and actually mathematically speaking, too low to survive on. The quality of life for minimum wage families is terribly low, and that is unacceptable. As humans, we should be looking after others and helping the poverty come out of their continuous cycle. Raising the minimum wage would not only help families be able to afford a better quality of life, but help them to afford healthy food, get an adequate education, and invest in the necessary health care they need.
America is currently working on the issue of whether the minimum wage should be increased from $7.25 to $10.10 and economists are studying the effects of the possible increase. Minimum wage workers deal with struggles such as affording health care, paying for education, providing food for their families, putting many hours of work in while making little income and paying their bills. America’s decision to raise the minimum wage would help low wage workers to make higher incomes and would overall strengthen the economy, pulling Americans out of poverty. Americans may hold a minimum wage job if they do not have money to attend a college or university to obtain a degree in order to find a career.
Mark Adams argues that raising minimum wage would hurt the poor rather than helping them. He points out that raising minimum wage will make it hard for them to find a job. He thinks that best way to cut help poor is to cut back on costly regulation that burden job creators, rather than increasing the minimum wage. I will use this article to point out what the critics have to say and use it make counter arguments. Mark Adams is a research fellow at the Mercatus center at George Mason University, making it a very credible source.
The minimum wage being too low has been a public issue in America for generations. Basically, the debate includes two different opinions. Firstly, people who want to raise the minimum wage, and second, people who would rather is stay the same. The overwhelming majority of liberals are on the side that favors a raise. Additionally, a somewhat smaller proportion of conservatives favor the change as well, but for different reasons. The liberal opinion on raising the minimum wage is based on the idea that putting more money in the people’s pockets, will stimulate the economy, and decrease poverty. The problem that conservatives and liberals alike have with this, is that a few direct consequences are proven to apply when raising wages. Some proposed consequences include unemployment, inflation, and unfairness to higher educated people. Another main point is that raising the minimum wage is thought to helps small business by increasing worker satisfaction. This issue of minimum wage has become increasingly popular and important in current times, as president Obama has proposed the idea of raising the minimum wage of contract workers to 10.10$ per hour (about a 30% increase from the current 7.25$ per hour minimum wage). A large number of people consider this wage hike unnecessary due to the fact that today’s value of minimum is higher than it has ever been since the 80’s, and because the wage hike comes at too high of a cost. All things considered, the issue of raising minimum wage is not a battle of political parties and their agendas, its really a debate between everyone.
Breaking into new markets helps the company grow and brings in new customers, which leads to higher profit margins.
A company must identify its strengths and weaknesses in order to develop growth. Downsizing products is more important than developing new products. A company must be able to identify where there weak markets are at. Times change and so do products. The products that are less profitable or simply aged are the ones that must be downsized in order to make way for a different, more innovative market. When developing growth strategies a company must use the product/market expansion grid. First the company has to figure out whether they can have better market penetration, second they must consider looking for market possibilities for current products. Third they must develop their products into innovative products that people can’t live without having. Lastly they need to be diverse with their company, therefore expanding and including different features to the company could draw more attention from different
The expansion into new markets and lines to help assure the full use of resources;
New Geographical markets: this involves selling outside the region or a country and offering them same existing product. Expanding into new market place with the same existing product is a very effective way to grow the business.