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Essay / Research Paper Abstract
This 8 page paper is chock full of information and statistics regarding the increase in the minimum wage. It is written in Q & A format and while graphs referred to in the paper are not available, there is enough data provided so one can create their own. Bibliography lists 6 sources.
Page Count:
8 pages (~225 words per page)
File: RT13_SA431min.rtf
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Unformatted sample text from the term paper:
explained in the text. The equilibrium price and quantity of labor in qualitative terms should be clearly shown and explained. Identify what kind of market exists for unskilled labor and
what factors affect that market Explanations for possible shifts in the supply and demand for labor should also be included and the effects of such changes illustrated graphically. In
the United States today, the major change in unskilled labor is the fact that immigration and free trade in general has changed the game plan. With immigrants willing to work
for less--and many in "off the books" situations--they take jobs that unskilled Americans might have had. Hence, supply is increased and so there is a reduced demand for unskilled labor
today. The cost of labor goes down. The Stolper-Samuelson theorem states that "international trade will lower the real income of factors of production that are relatively scarce in a country"
(Kaplan, 1999). In the United States, for example, unskilled labor is considered to be something that is relatively scarce particularly when compared with less-developed countries as in those
nations, the majority of the populous have not ben exposed to the same type of education (1999). At least, this is true when compared with natives of less developed countries.
There also seems to be decreasing incomes for unskilled labor in the developed countries but rising wages for these same workers in the LDCs (Kaplan, 1999). Theoretically, international trade should
lead to a convergence of wages amongst trading nations (1999). In looking at the equilibrium price, it is generally determined by market forces. Labor markets are able to achieve
equilibrium when wages change. Wages in peripheral occupations also have an effect on wages. As noted, globalization is an added factor. However, it is important to look at the
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