Companies and small business’s pay their employees hourly wages based on a minimum wage. Today in America we have many hard workers who are working for minimum wage which consists of $7.25 per hour. There are some businesses which believe all employees should be paid at minimum wage while other businesses pay well over minimum wage. Skills, attitude, responsibility and work ethic all affect how employers base employees hourly wage. When looking at the economy the government should not increase minimum wages, there are many factors that affect minimum wage such as elasticity of demand, and how education and skills can increase the minimum wage.
The minimum wage can be affected by the elasticity of demand and set of laws by the government.Minimum wage is a law set by the government, which is the lowest pay employers can pay their employees. Raising or keeping minimum wage the same has many pros and cons, but keeping the minimum wage the same is beneficial. Human Geography sixth edition by Paul Knox and Sallie Marston provides information about global economic. “ Travel eastward, they leave an agrarian realm with few jobs and miserable wages and enter the realm of “ agglomeration economies," in which by labor market attracts manufacturers what offer better wage” (Knox and Marston, 214). One of the downsides to keeping the minimum wage the same is people who are unsatisfied which will result in moving where they will are able to make more income. In class, we discussed how the elasticity of demands affects society. Paul Knox and Sallie Marston stated, “ Degree to which levels of demand for a product or service change in response to changes in price” ( Knox and Martson, 229).When wages go up it will cause the p...
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...king at a fast food restaurant are getting paid the same as a doctor. Instead of increasing the minimum wage there should be more of a value on higher education. It does takes time and money, but the end result is rewarding. By not making the minimum wage higher and helping the people get the skills and education they will be financially better off.
There are many arguments why the minimum wage should be raised or stayed the same. In all reality, the most beneficial outcome would be to keep the wages the same and make higher education more important. People need to get education and skills to maintain a well paying job. As Governor Walker said it is very important for people to get an education, skills, and most importantly help them find a job. By not raising the minimum wage, people will seek to get education and skills they need to have a well beneficial job.
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