How a minimum wage might effect the labor market
DIRECTIONS: Click on the above video, answer the questions, then send your answers to jbello@sdcoe.net titled
Econ 13.22 – Minimum Wage and Price Floors.
50 Homework points!
1. What is unskilled labor?
2. What is demand in the labor market in this video?
3. What is supply?
4. What is too low in this video?
5. What law is passed?
6. What does the price floor do to the market when it is higher than the actual clearing price?
7. What do the employers say when they have to pay $7 per hour?
8. What do the workers say?
9. How much is the dead weight loss?
10. Due to the higher wage and the reducing of the overall demand, what is experiencing “some destruction”.