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.

Minimum wage is a benefit for society.

Explanation:

Minimum wage is a labor policy imposed mostly during the 20th century as a type of securing welfare and minimising exploitation. It increases the standard of living of workers, reduces inequality and poverty and boosts morale. It gives the bargaining power to the workers and increases the efficiency of the market. Many economists argue that the minimum wage has a positive impact on small businesses.

Minimum wage also increases aggregate demand by raising the purchasing power and increasing consumption and spending which then moves the economy forward.

However, some social democracies like Sweden, did not impose the minimum wage policy on the national level, but instead, salaries and benefits are negotiated between the labor union and employer organizations. The purpose of minimum wage is still a subject of debates and research, and there is a wide ranging opinion regarding its justifiability.

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