Using your responses to the questions above as a guide, compose two well-written paragraphs that answer this question: Is a minimum wage a benefit for society? Justify your response. Be sure to use these concepts in your writing:

price floor
unemployment
quantity demanded for labor
quantity supplied for labor
equilibrium wage
minimum wage
benefits to those who receive minimum wage

No.

Explanation:

No, minimum wage is not a benefit for society because the economical situation of the labors will not be improved by giving them minimum wage. If we increase wage, the economic condition of these labors will be better and they will be able to educate their children and support their family. If the price of floor reduces, it is a benefits to those who receive minimum wage because they are able to purchase it. By increasing wage, more people comes to this profession and decrease occurs in unemployment. Provide equilibrium wage to the labors enhances the standard of living of a labor.

Minimum wage is beneficial for society.  Answer from edmentum

Explanation:

Some people would argue that establishing a minimum wage is an additional cost to employers because it leads to a fall in quantity demanded for labor and employers have to lay off some workers because they cannot afford to pay higher wages. As wages increase, the quantity supplied of labor increases because workers will earn more money. The fall in the quantity of labor demanded coupled with the increase in the quantity of labor supplied results in unemployment.

However, I believe that establishing a minimum wage is beneficial for society. Before the government introduced a price floor, there was an equilibrium wage rate in the economy as the quantity demanded for labor was equal to quantity supplied. But the equilibrium wage rate was not high enough to satisfy the daily needs of workers. As a result, most workers earning that wage would live in poverty. With an increase in the minimum wage, workers have extra money to spend on various goods and services, which aids economic growth. Establishing a minimum wage is a benefit to society.

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