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-it can lead to increased unemployment, due to minimum wage most students will be left jobless because an increase in minimum wage leads to a decrease in teenage unemployment

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-it can lead to increased unemployment, due to minimum wage most students will be left jobless because an increase in minimum wage leads to a decrease in teenage unemployment

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The public policies affect the unemployment laws mandating a high minimum wage for instants are wildly tought to raise unemployment among the least skilled and experience the members of the labor force

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- When a country is at a steady state it means that there is zero economic growth. There is just enough new capital to offset depreciation and we get no additional stock to the overall capital.
- In a steady-state economy, success would be measured by how stable (GDP) is, rather than by GDP growth being the main measure of economic health.

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Unions have big influence in the wages, which will lead to high rate of unemployment eventually, because the higher the wages, less money for the company free to hire more employees.

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Collective bargaining raises the wages and benefits more for low-wage workers than for middle-wage workers and least for white-collar workers, thereby lessening wage inequality.

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Unions want to get a lot of pay, and organizations like companies don't pay much, but they want to pay the right amount. When salaries are too large for the company to handle, the company has a hard time hiring more people, which naturally leads to unemployment problems

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Unions want to get a lot of pay, and organizations like companies don't pay much, but they want to pay the right amount. When salaries are too large for the company to handle, the company has a hard time hiring more people, which naturally leads to unemployment problems

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While unemployment rates in the euro area and the United States were both around 10 percent in 2010, the unemployment rate in the euro area has since increased to 12.0 percent, and the U.S. rate has fallen to 6.7 percent

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The wage level dictated by the supply and demand of workers is known as the equilibrium wage. The theory of efficiency wages is the idea that it might be beneficial for employers to pay workers more than the equilibrium wage in some cases. That means employers give their workers a higher wage in the hope that it will lead to increased productivity.

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In the United States, there has been a sharp increase in the relative wages of skilled workers, but in most European countries there has been little change in relative wages. A fall in relative demand with no change in relative wages can only lead to a fall in the relative employment rates of unskilled workers

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In the United States, there has been a sharp increase in the relative wages of skilled workers, but in most European countries there has been little change in relative wages. A fall in relative demand with no change in relative wages can only lead to a fall in the relative employment rates of unskilled workers

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The way collective bargaining influences labour market performance depends on the bargaining strategies of social partners, the structure of product and labour markets and the nature of collective bargaining institutions.

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the wage a firm would pay a worker to increase their productivity such that the firm was indifferent between the low efficiency worker and the high efficiency worker.

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Paying your employees above what economists call ‘market equilibrium’ wage levels will impact how much your firm’s employees are motivated to work.

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Attract higher quality labour. If a firm pays above the market clearing level, it will attract a better quality worker who will feel they can get a relatively better-paid job.

Nutritional theories. In developing economies at very low rates of pay, increasing wages can enable a reduction in absolute poverty – better health, and nutrition lead to better quality labour.

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"One example is Amazon who recently increased the wages for their lowest paid staff globally. Part of Amazon’s reason for doing this will have been to improve public perception of their business but beneath this are the classic motivations to improve productivity, efficiency and ultimately profitability.

By increasing their staffs’ wages from minimum to living wage Amazon will have hoped to gain several desirable changes within their workforce. Firstly, they hoped that their employee's desire to hold on to their jobs would increase, resulting in a better work ethic. Secondly they expected to have lower staff turnover because the wages they could get elsewhere will now be comparatively less, next they might hope that they will get a spate of new applicants and be able to choose a better standard of employee who is more productive and finally their employees’ health will improve and thus so will the quality of their work."