To employers raise in minimum wage saves them a lot on recruiting employees and invest money on their training. Existing workers will be more experienced to increase the efficiency of the business than the new workers. As a result, customers will be more relax about the service. Whereas, to the country the tax will be increased by large amount of money which can help to give free of cost services to workers such as free education, free electricity, free medical, which will again motivate the worker to work hard. The most important thing the GDP of the country will increase and will help the government a lot to pay of the loans as soon as possible before more interest to be
Moreover, this system also can ensure safety in each country and reduce race and gender inequality. People will be given a reasonable wages no matter who you are. However, the disadvantages of increasing the minimum wage are increasing the cost of production and raising the unemployment rate. After increasing the wages of employees, the employers will charge a higher price of the goods and services which are provided by them to ensure their corporate profit. This is a circulation between wages and the profits.
High interest rates invite inflation by encouraging consumers to consume more and save less. This will increase the demand for goods produced and hence firms and manufacturers will produce in excess to capitalize on the high demand. High production will lead to goods produced in excess not getting bought and hence destabilizing the market since the business people will want to cut losses and will lower prices drastically hence inflation and making it a necessary evil to engage the production units of a country. Inflation has many different effects that make it to be dubbed a necessary evil. One of these effects is the continued surge in prices while salaries and wages of middle income earners continue to be the same.
We should raise minimum wage read below to find out why. In america their are 564,708 homeless people in we were to raise minimum wage to try and get rid of this amount of homeless people in america. Some people argue that raising minimum wage would make worker benefits be the first to go in america. This however is not true because these companies would be able to make more money because people would have more money and they can spend some on things they want. People would have a higher work morale because they would be able to make a lot more money than before so they would be more happy to work longer hours.
The Great Depression had a devastating effect in many people’s lives, primarily Germans. It led to the rise of Hitler and fueled the rise of the extremist political movement in many European countries. I think that the Great Depression was a very significant event that led to many other important events that had happened during the 19th century. I also think that the Great Depression is what triggered Hitler to come into power and later on in history the World War two. During 1929-1939 despite Germany’s rapid growth, the German economy wasn’t strong enough to take on the Great Depression.
-There is more innovation as firms look for new products to sell and cheaper ways to do their work, which leads to a greater variety of consumer goods becoming available due to competition between companies. Disadvantages: -Poor working conditions and unethical decisions can be made as entrepreneurs seek higher profits. -Free markets can lead to market crashes as we saw in the great depression and the economic downturn in the early 2000 's. -The overproduction of goods, since workers as a class are never paid enough to buy back in their role as consumers, the ever growing amount of goods that they. -Growing social and economic inequality (the rich get richer and everyone else gets poorer, many absolutely and the rest in relation to the rapidly growing wealth of the rich); (Ollman, 1999) (dkrupp87,
The Crime and violence will increase and the Standard of living will decrease as much as the economic The country should find job for unemployed people in order to raise the country economy. In my opinion the country should help these people by improving the education system, offering training courses and opening new factories. The Philadelphia Unemployment Project (PUP) is an organization that introduces education, information, advocacy and leadership to fight for the rights of the unemployed and poor people without taking any kind of profits. Also it's fighting for fair payments and Jobs for over 30
This paper seeks to analyze the reasons of increasing the unemployment rate due to the overpopulation and non-educational as well as unemployment effects on economic and social sphere. Many factors cause the high unemployment rate over the years. our nation suffers from many issues in our community, unemployment is one of the most important problems that suffers the youth from it in our society. from one point of view there are many causes that’s lead to the unemployment. we found that the percentage of population is one of the main reasons of unemployment.
Export of labor services to more affluent economics reduces labor supply and unemployment and raises GNP share of labor as wage rate rises, thus lowering the effective GINI (Balisacon, A., & Fujisaki, S., 1999). With a subsidy, costs of production for firms go down since the price of each unit of labour resource decreases. Hence, employers will be more willing and able to hire more workers and increase the number of workers that they are willing to hire. This increases the size of the workforce and the number of job vacancies, hence helping to reduce unemployment. Reducing occupational immobility is one possible solution that can be applied to the Philippines.
It associates competitiveness in countries with good infrastructure, ample education and strong international orientation. Disadvantages: • Competition can result in loss of jobs especially in the manufacturing industry because in order to stay competitive move offshore in pursuit of cheaper labour. • Firms can exploit people, industries and resources in less developed countries in order to fend off competition.. e) Industrialisation Advantages: • Industrialisation sees an ample growth of industries which has resulted in larger scales production of goods which are available to consumers at cheaper rates. • It has raised the standard of living of the people very considerably. • It has also led to the development of new of transport measures enabling quick export and import.