This week we are going to examine what happens in a market when the government intervenes in the market and introduces price controls. In particular we are going to examine what happens when the minimum wage is increased.
- View the two videos above and videos 1, 2 and 7 under the Week Two Videos. You may also wish to view the other videos for a deeper understanding of price controls.
- Visit The Faces of <5 (https://www.facesof15.com) for more perspectives on a $15 minimum wage.
- Read Chapter 6 in your textbook in careful detail. Pay close attention to the graphs in Figures 1 – 5. Focus on Figure 5 in particular. You may also wish to review the CBO Report CBO Report – Alternative Formats on employment and income impacts of an increased minimum wage.
- Read Should the Minimum Wage Be $15 an Hour? on pages 120 – 121 in the text.
- 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 $15 per hour?
- Will the proposed increase help workers? And if so which part(s) of the labor market will be helped?
- Which part(s) of the labor market will hurt by the proposed increase? How will they be hurt?
- What will happen to the prices of goods and services produced with minimum wage labor?
- What is your conclusion? Is this proposal a good idea or not? Explain why.
- Post your views to the discussion board and refer to at least two different key concepts (using CAPITAL LETTERS) from this week’s Chapters. Your illustration of concepts MUST include an explanation why you think they are are relevant to the week’s topic using specific information from the articles, videos and other research that you have done. Key concepts are listed at the end of every chapter.
MAKE SURE THAT YOU ADD SOMETHING NEW to the discussion.Post on three different days for a minimum of three posts. Failure to meet these minimum posting requirements results in point loss.
- Include a word count on each post. All of your posts should sum to a minimum of 500 words.
- Each post submitted should be between 150 and 250 words. Keep them short, specific, and clear.
- Use paragraphs as appropriate.
- Very lengthy posts do not provide an incentive to be read.
- Remember to document all use of sources by using citations and references. These should be in APA format..
Now click on the “Week 2 DISCUSSION” title above to go to the discussion forum. You can start a new thread by clicking on the Create Thread button at the top. You can also respond to an existing post by clicking the Respond button at the bottom of the post.