Most of the nation is current facing pressure to raise the minimum wage so that all workers can receive a ″living wage.″ The pressure comes from the idea that an increase in pay translates to an increase in an ability to buy goods. First: Research the minimum wage for your area. Second: Access the Living Wage Calculator: http://livingwage.mit.edu/ (Links to an external site.) Browse the information concerning your State and county to determine the living wage for your area. Answer the following questions Introduction What is the difference between living wage and minimum wage? Who sets the wage level, state or federal government? Body of Literature Who should decide the wage level for America citizens? Should the Federal Minimum Wage be increased? Why or why not? Should all states have the same wage imposed? What would be the economic effects of raising the wage (Pro-Con Opportunity Costs) for individuals, business and society. From the list below select two issues (A-B-C-D-E) to explore. Make sure you include concepts from the book with additional resource to be able to present data with your opinion. Pro: Raising the minimum wage would increase economic activity and spur job growth. Increasing the minimum wage would reduce poverty. Increasing the minimum wage would increase worker productivity and reduce employee turnover Raising the minimum wage would help reduce federal deficit. The current minimum wage is not enough to allow people to afford everyday essentials. Con: Increasing the minimum wage would force businesses to lay off employees and raise unemployment levels. Raising the minimum wage would increase poverty. If the minimum wage is increased, the companies may use more robots and automated processes to replace service employees. Raising the minimum age would decrease high school enrollment rates and increase dropout rates. Raising the minimum wage would increase housing cost. Conclusion: Incorporating the Ten principles of Economics: Select One of the Three themes: How people make decisions (Principles 1-2-3-4), how people interact (Principles 5-6-7) and how the economy as a whole works (Principles 8-9-10) to provide the conclusion summary of what is micro-economics. Links: http://livingwage.mit.edu/ (Links to an external site.)
