minimum wage mon042514

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  • 1. Bellringer (White Boards) Todays 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. Price Ceiling In your notes Price Ceiling a legal maximum price (limit) that may be charged for a certain good or service. 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 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. Price Floor Price floors are more common than price ceilings. When might low prices be a problem for a farmer? Jobs after school? 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. Washington, D.C. Office: 1511 Longworth HOB Washington, DC 20515 ph (202) 225-2435 fax (202) 225-1541

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