Question

Using a minimum of 3 approved sources (articles from major news outlets, academic journal articles, textbooks, NOT Wikipedia or other encyclopedia websites), write a 3 paragraphs post answering the following questions regarding minimum wage.

1. What are the benefits of increasing the minimum wage?
2. What are the costs of increasing the minimum wage?
3. Express your views on whether or not the minimum wage should be increased.

please post the webwite from where you get the informations from

Answer 1

1. Increasing minimum wages tend to increase workers norale and productivity and helps in higher quality of life. Also helps the higher consumption of goods and thus raises real GDP.
2. Costs of increasing minimum wages is the inflation it causes plus the decrease in net profit of corporates. It also leads to lower workplace productivity if wages are increased substantially .
3. Minimum wages should be increased only when inflation is certainly higher and must be indexed with unemployment rates to get fair number of minimum wages. This controls inflation and maintains sustainability in growth.

References :

Articles above taken from following websites:

Procon

Foxbusiness

Toggl