“At a few restaurants, the no-tip experiment has backfired so badly owners have had to reinstate tips to keep waiters from quitting“(Harnett). If you were getting a high and reasonable pay rate then people wouldn't lose as much money, like instead of tipping they get a set amount of money for every table they wait and maybe the rating from the customer. While balancing out the amount of pay may work, “Presuming that most servers make between 15 and 20 percent in tips per table and share only a small percentage of that with bussers, food runners and bartenders, dividing an 18 percent “service charge” among the whole staff will lower the servers’ income—and there's no mention of whether their hourly rate will be increased in turn to that of the cooks or dishwashers, who legally have to make at least the federal minimum wage”
For instance, Anna Ling Kaye wants to look into other options than finning, saying that there are cheaper ways to save the sharks than an expensive ban, which will make fins a black market product. This has already happened with bear gall bladder and rhinoceros horn and shark fins have already become more expensive because countries have been beginning to ban it (Kaye). Just because it makes the product more expensive does not exclude the benefits of a ban, because it actually makes them more of a hassle to acquire. So even if it does cost a lot of money that means that it will eventually dwindle down to where very few people are able to purchase it and will therefore save the lives of many sharks. Moreover, in “Why Shark Finning Bans Aren't Keeping Sharks Off The Plate (Yet)” by Alastair Bland, he says “Clarke says bans on finning could actually be driving new markets for shark meat.
Threats of substitute product - high • Buyers are likely to shift to other products considering the weather conditions. • Low price jeans. • Substitute like formals and trousers Bargaining power of customer – high • The power of buyers is comparatively high considering the fact that they can simply change to other brands. • Converting cost is low. • substitutes Competitive rivalry – high • high chance for customers to shift to substitute brands – ( CK jeans , guess jeans, DKNY jeans and Diesel) • mid – class employees prefers low rated jeans • Low level of product difference will increase competition because of no brand ID.
Also, because the minimum wage levels are different from one state to another, some states have higher minimum wage, some economists believe that this would have negative impacts on investments, as investors would like to invest their money in states with lower minimum wage to minimize the cost and to maximize the profit. In addition to some currently existed industries which would tend to shift their investments to other states with lower minimum
The first is at the lower levels. This is because there can be such an emphasis placed on making the most profits, most sales, etc. This can lead to unethical behavior, especially when management purposely overlooks it, most of the time, so that the managers can collect their bonuses. In upper management and in companies that do bring in an enormous amount of income, these managers tend to be swayed into believing that if they take money, no one will notice. On the other hand, if they have salaries that are staggering, they deserve it, because of egos that tell them so.
The barriers that are not in place include the absence of economics of scale meaning even small local stores can be profitable. Many consumers are also price sensitive and the cost of switching is low. Because of the lack of some of the most important barriers, the threat of new entries is
There are cheaper alternatives to the expensive health items that contain less of the bad ingredients than the expensive ones have. The reason people do not choose the cheaper items is because the bigger brands advertise them as unhealthy and fattening and the people just believe it instead of looking into it more. The media spends so much time blaming only the processed food for causing the sicknesses and overweight problems that people face. The fast food industry has turned all the science of food processing into getting us addicted to fat, sugar, and salt which leads to the problem of obesity. It is not the food that is causing it, it is people's addictions to the food that causes
When there is a large number of sellers and a large number of buyers in a market, that market is regarded as a perfectly competitive market or industry. In a perfectly competitive market, a single firm cannot dictate the pace and the selling price (Khan Academy, n.d.). In other words, one firm cannot set the prices and the competitors are obligated to market prices. What is fascinating about a perfectly competitive industry is that the barriers that prevent new firms from entering the industry are flexible; that means there are minor barriers of entry as well as little or no barriers to exit the industry (Rittenberg & Tregarthen, 2009). Additionally, buyers and sellers have all the necessary information to make a decision to buy or sell a product.
Business owners obviously appreciate cheap labour. But that cheap labour comes at a cost and subsequently affects working class Americans. Working for less than minimum wage, in turn, forces many Americans to work for less than they initially would work for. The short term effects impact workers, but the long term effects could potentially affect the business owners if and when punishment is bestowed upon. Ultimately, there is a reduction to staff, which adds to our nation’s unemployment, or the business itself could be shut
As a hole there should be more restaurants that promote healthy food choices. Obesity in the United States is out of proportion and something need to be don , not necessarily at the point of government intersection but this needs to be fix some way somehow.”public health experts say that an unhealthy diet and the lack of exercise are still the two biggest culprits.”-Felix gusson. Not many companies or groups promote healthy living because they make more money from letting people be unhealthy
These two are used to evaluate systems of resource allocation. Allocating a resource means deciding what to use it for. The reason resource allocation is important, is because economics studies what people do when resources are scarce, that is, when there 's not enough resources to satisfy all the human wants that are competing for them. Its very rare to find a perfectly functional competitive market. Even though they are efficient they result in very inequitable markets.