where it is above the market equilibrium wage point of Q1 where wage is. Diagram of wage market:.2 Minimum wage. First of all, if you raise the minimum wage you are hurting the small businesses. The solution to the problem that you are working on has not been discovered yet, therefore there is no instructions on how to get there. Wall-Mart has also been accused of illegally making their employees to work overtime without english essay examination good or bad pay. In conclusion, although minimum wage ensures the salary of some people in the short run, minimum wage creates welfare loss and excess labour in the market, so in the relatively long run, unemployment rate and overall price level will be increased due to increased production. The first country that enforced the minimum wage law was New Zealand in 1894 and since then other countries have follow suit.
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When looking at this and the facts presented, you see how much people struggle when trying to live off of minimum wage. The accusation of illegally making its employees to work overtime without pay and to work off-the-clock are also affecting Wall-Mart. The aggressive strategy of Wall-Mart to offer the lowest price possible in the market is criticized to harm the suppliers at both national and international level. "Effects And Benefits Of Minimum Wage Economics Essay.". Wall-Mart will continue to do its best to put a positive turnaround on they way hey treat their employees, but these facts cannot be rejected. As the cost of investment increases, company need to spend more it decreases the revenue of the company. Employees are seen as assets for any company, therefore it is a requirement to take good care of them for the smooth functioning of company.
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