Assigement Coursework Example | Topics and Well Written Essays - 1000 words

Assigement - Coursework ExampleLikewise, there are people who are all physically handicapped or they simply have a low IQ and so they are unable to find employment. One should understand and care for the effort made by these people to find employment and not remain dependent on their friends, families or the government. For such people even low raises in salary or wages is a source of motivation. An amount which is nothing for the affluent thunder mug be a source of some nourishing food, better education and rent for a small home. Also, when these people have more m cardinaly they buy more goods while realizeting the economy. Opponents of the minimum wage polity argue that people who work on minimum wages often work part-time and live in families with more than one bread-winner wherefore the home base wealth does not change much as a conduce of a change in the minimum wage policy. Even if this is true one can think about why the minimum wage employees work part-time. They do so because they get paid less to do work and hence they have to work harder at more than one job. If the minimum wage policy makes minimum wage higher(prenominal) then workers will become possible to work full-time because doing so will help them save time and transportation cost. Businesses are the entities that pay minimum wage to those employees who are the least capable, and unskilled. or so businesses are large while others are small. For small businesses the minimum wage policy can prove to be a burden. The cost of production can increase and consequently employees might have to be laid off. Moreover, when people will be laid off their consumption of goods will fall hence harming the entire economy. However, arguing against minimum wage policy is not going to help. If costs are increasing it is best to seek help from family members. An example of this is agriculture done in developing countries like India and Pakistan where a farmer is helped by his wife and occasionally by children to reduce expenses. Minimum wage raises can result in less absenteeism, greater employee morale, and lower frequency of workers turnover. As a result, training costs are reduced and employee productivity rises (Card and Krueger). Moreover, higher wages win more of both skilled and unskilled people to apply for a job. As a result, there are greater options available for the business and the somebody most suitable for the job can be hired. As far as benefits and drawbacks of minimum wage policies are concerned with regards to the consumers multiple scenarios are possible. Primarily, it depends on whether consumers want benefit in the short-run or in the long-run. It is possible that a business pays lower than minimum wage to its workers to reduce production costs. As a result the price of the product manufactured remains lower than the business competitors products. Consumers who prefer less durable but cheaper goods will most benefit from this. However, in this age of ev er increasing scarcity such consumption of cheap goods can prove to be a waste of resources and hence pee-pee paucity of raw materials needed for manufacturing in the upcoming days. This can further increase prices of even the less durable goods. Eventually, consumers will have to suffer. Moreover, a higher minimum wage will ensure that better but more expensive products are manufactured which do not create a shortage of resources in the long run. I conclude that overall the minimum wage