Folks,
I hope you enjoyed our min wage game. Think of what happens on a larger scale and when the changing of wages in one industry will also incentivize/disincentivize those who might work in other industries. So, if the minimum wage is increased, what might that do to the desire of some to get an education?
Also realize that scarcity and alternatives will change overtime. It's not easy to automate a process overnight but if prices are high enough it may encourage me to automate over a year or more, thus reducing the number of jobs.
Finally, statistics are important only if you know and understand the numbers behind them. With that in mind define these terms along with completing/re-completing the worksheet that was previously assigned:
I hope you enjoyed our min wage game. Think of what happens on a larger scale and when the changing of wages in one industry will also incentivize/disincentivize those who might work in other industries. So, if the minimum wage is increased, what might that do to the desire of some to get an education?
Also realize that scarcity and alternatives will change overtime. It's not easy to automate a process overnight but if prices are high enough it may encourage me to automate over a year or more, thus reducing the number of jobs.
Finally, statistics are important only if you know and understand the numbers behind them. With that in mind define these terms along with completing/re-completing the worksheet that was previously assigned:
- Unemployment
- Discouraged Worker
- Underemployment
- Voluntary Unemployment
- Unemployment Trap
- Labor Unions
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