1. Bellringer (White Boards)
Today’s objective: identify direct and indirect effects of price floors.
1. Are you currently employed?
2. What do you think the current minimum wage
is in Arizona?
3. Name 3 jobs you could work right now as a high
2. Price Ceiling – In your notes
Price Ceiling – a legal maximum price (limit)
that may be charged for a certain good or
3. Price floor – In your notes
Price floor– a legal minimum price - goods or
services may not be sold below this price.
4. Notes – take out your price ceiling
notes and continue here…
A common example of a price floor is
There are generally two types of
people looking for jobs.
1. Skilled person – (educated /
2. Unskilled person – (little to no
5. Price Floor
Price floors are
When might low
prices be a
problem for a
6. • Imagine Congressman Grijalva is
considering raising the federal
minimum wage next month.
• Write a formal business letter to
Congressman Grijalva using the
provided handout as a guide.
• In three paragraphs support
your argument if you are for or
against raising minimum wage
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