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Does raising minimum wage help or hurt employers, consumers, and laborers?

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Does raising minimum wage help or hurt employers, consumers, and laborers?

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Raising minimum wage would hurt all of these things. It would hurt employers because they would have to fire people to make up for the money being lost due to the increased minimum wage. It would hurt consumers because an increase in wage would cause inflation. Also, it would hurt the laborers because some of them are going to be laid off and it will be hard for them to find a job.

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When a consumer spending more or less in general and does not necessarily indicate buying items of higher or lower value.

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consumer replacing cheaper or moderately priced items with ones that are more expensive when a change in finances occur.

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Graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price.

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A chart that shows how much product a supplier will have to produce to meet consumer demand at a specified price based on the supply curve.

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Quantity purchased varies inversely with price. In other words, the higher the price, the lower the quality demand.

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Demand curve shifts to left or right following change in underlying determinant of demand

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A fundamental principle of economic theory that states that, other factors held constant, an increase in price results in an increase in quantity supplied.

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Generally referred to as compliments or substitutes. Substitutes are cheaper products that can be substituted for something expensive and a compliment is two goods that are consumed together.

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Where the supply and demand curve intersects, or when the quantity supplied and the demand for a product are equal.

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The cost that a company pays in order to produce a product.

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Is an economic surplus in which a good is produced more than it was demanded and the price is determined through supply and demand.

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The lowest wage permitted by law or by a special agreement

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Legal maximum and minimum price for product

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A supply shock is unexpected event that causes the price of a product to suddenly change and this can be negative or positive, but it's rarely positive. Rationing refers to an artificial control on scarce items. Banks can also ration the amount of loans they give.

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shows responsiveness of the amount supplied of a good or service to a change in its price.

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(workforce productivity) economic output per labor hour.