Learning journal unit 2 PDF

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Summary

Research an article within the last 12 months about minimum wages or rent controls. Provide a summary in your own words what the article is about by providing the important highlights.

• How has the minimum wages or rent controls effected the economy of the country?
• Explain wh...

Description

Learning Journal prompt: Research an article within the last 12 months about minimum wages or rent controls. Provide a summary in your own words what the article is about by providing the important highlights.

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How has the minimum wages or rent controls effected the economy of the country? Explain what the minimum wage is an example of. Explain what rent controls are an example of. Discuss if you think the government should be involved in establishing laws for setting the minimum wages or rent controls.

The article I chose for this learning journal is “New Year to bring higher minimum wages in record number of states and cities” by Kate Gibson. In this article, the author tells us about the minimum wages over the years and the difference in the amount between each state.

How has the minimum wages or rent controls effected the economy of the country? In my opinion, the minimum wage affects the country's economy on the side that there is a shortage of workers because they are not satisfied with the minimum payment in relation to the number of hours they work and the exhausting work they do.

Explain what the minimum wage is an example of. Explain what rent controls are an example of. Minimum wage is an example of price floor. Rent controls are an example of ceiling floor. According to Price ceilings and price floors (n.d.), price ceilings prevent a price from rising above a certain level. When a price ceiling is set below the equilibrium price, quantity demanded will exceed quantity supplied, and excess demand or shortages will result. Price floors prevent a price from falling below a certain level. When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.

Discuss if you think the government should be involved in establishing laws for setting the minimum wages or rent controls. Yes, I think that governments should get involved when establishing laws to set minimum wages or rent control, because if they don't, anyone would decide on their own, and citizens will most likely be affected.

For example, if there were no minimum wage or rent control that we are required by law to follow, chances are some landlords or employers would take advantage of this.

References: Gibson, K. (2021). New Year to bring higher minimum wages in record number of states and cities. CBS News. Retrieved from https://www.cbsnews.com/news/higher-minimum-wages2022-in-record-number-of-states/ Price ceilings and price floors (n.d.). Khan Academy. Retrieved from https://www.khanacademy.org/economics-finance-domain/microeconomics/consumerproducer-surplus/deadweight-loss-tutorial/a/price-ceilings-and-price-floors-cnx...