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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Homework Week 5

Homework Week 5

Q Homework- Week 5-ECON 365 Many of these concepts may be new to you as students. The homework will mostly be definitions or short answer to help you understand the topics. This week’s homework is going to be where YOU to get showcase your critical thinking and research skills. As I believe, we all can agree that raising minimum wage actually hurts the people it was intended to help. Pick a state, city, county, in the United States, find out what their minimum wage is….research how the state legislator’s “argued or approved” the federal minimum wage of $7.25 an hour. Is the state’s minimum wage different than the feds? Why? Is there research supporting the displacement in that particular state? Is there information about how businesses have been affected? Just to be clear. I am not looking for any particular number of pages, in fact, try to keep it clear and concise. I am thinking a page or two max. Don’t forget you MUST cite your sources.

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Despite FDR’s intention of creating a living wage policy that would benefit low-income working Americans, many studies have shown that increasing minimum wage actually hurt struggling families. The higher the state’s minimum wage, the more expensive it is to hire labor which results in more people remaining job-seekers. To combat high labor, many businesses are implementing robots and automation. Businesses who have low profit margins find it harder to pay employees as the state minimum wage increases.