Minimum wage mon042514

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Minimum wage mon042514

  1. 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 school student? 04/28/14
  2. 2. Price Ceiling – In your notes Price Ceiling – a legal maximum price (limit) that may be charged for a certain good or service.
  3. 3. Price floor – In your notes Price floor– a legal minimum price - goods or services may not be sold below this price.
  4. 4. Notes – take out your price ceiling notes and continue here… A common example of a price floor is minimum wage… There are generally two types of people looking for jobs. 1. Skilled person – (educated / experienced) 2. Unskilled person – (little to no experience)
  5. 5. Price Floor Price floors are more common than price ceilings. When might low prices be a problem for a farmer? Jobs after school?
  6. 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 and why. Washington, D.C. Office: 1511 Longworth HOB Washington, DC 20515 ph (202) 225-2435 fax (202) 225-1541
  7. 7. • Washington, D.C. Office: 1511 Longworth HOB Washington, DC 20515 ph (202) 225-2435 fax (202) 225-1541

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