Tag: Wage

Relationship Between Law of Demand and Supply and National Minimum Wage

Introduction Supply and demand are one of the basic models of economics and they are main characters of a financial system. Demand means how much quantity of the service or product customer is willing to buy. At constant factors, price of the product increases or decreases as its demand increases or decreases respectively. While supply …

thesis statement example – pros and cons of minimum wage uk

Introduction The National Minimum Wage represents a minimum amount, usually per hour, that most workers are entitled to receive for their labour. The introduction of the minimum wage has the objective of improving income equality, especially for those with fewer skills. The National Minimum Wage Act 1998 was introduced to the United Kingdom by the …

Pros and Cons of Minimum Wage

Pros 1. Reduced poverty The minimum wage can improve the living standard of low-income workers, which ultimately reduce poverty. According to the International Labor Office (2005), reducing poverty and working poverty requires both productivity growth and employment creation. The World Development Report 2004-05 also stated that there is strong empirical evidence that creating decent employment …

Minimum Wage

The concept of a minimum wage has been around for over a century; New Zealand was the first country to have a minimum wage, enacted in 1894. The United States introduced minimum wage during the Great Depression in 1938. (Anderson) A minimum wage is a price floor; this sets a base line wage that companies …