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Pages:
1 page/≈275 words
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Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 2.5
Topic:

Federal law

Instructions:
Despite being mandated by federal law since the Great Depression, the concept of a minimum wage is still divisive in the United States. While some opponents of the minimum wage claim that the rule hurts workers and impedes corporate growth, supporters tout a number of benefits such as worker protection, economic growth, and employee motivation for greater levels of performance. One of the production elements, wage, is influenced by the interaction of supply and demand forces in the market. Demand for both commodities and services increases when the minimum wage is raised while maintaining current production levels because in such a situation, aggregate demand is raised.
Content:

Despite being mandated by federal law since the Great Depression, the concept of a minimum wage is still divisive in the United States. While some opponents of the minimum wage claim that the rule hurts workers and impedes corporate growth, supporters tout a number of benefits such as worker protection, economic growth, and employee motivation for greater levels of performance.

One of the production elements, wage, is influenced by the interaction of supply and demand forces in the market. Demand for both commodities and services increases when the minimum wage is raised while maintaining current production levels because in such a situation, aggregate demand is raised. Such conditions enable investors to make larger bets on tertiary businesses including transportation, hospitality, IT, and education. This will result in more foreign direct investment, which boosts a country's economy's expansion and growth. Since the cost of labor is higher than when there is no minimum wage, the majority of businesses have additional incentives for investment and to boost worker productivity.

Poverty is reduced by the minimum wage. The implementation of minimum wages raises the pay of low-paid workers. These work

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