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• If the price floor of minimum wage is increased to 15 dollars an hour the market would suffer but the percentage of people that do have jobs will be excited. As the minimum wage is increased this willcreate less jobs as employers, or the demand, will not be able to afford workers. If we follow the chain reaction that comes from raising the minimum wage, there will most definitely be more people without jobs as there will be an increase in the supply of workers.
• With these two things in mind, the labor market will be helped because the employers will only hire a more skilled worker; but thelabor market will also be hurt due to the excess of less skilled workers.

In our textbook, Principals of Economics by N.Gregory Mankiw, we looked at ice cream sold at a price floor above the equilibrium. In return this will always cause a surplus of goods. With the surplus employers will lower the price of their goods to accommodate the surplus which is less money flowing in to pay the workers the new minimum wage.

• The proposal of a price floor for minimum wage is good and bad. I have noticed a pattern in economics since starting this class. What is good for the economy is not always good for the people, and what is good for the people is not good for the economy. Finding that balance is the challenge that economists face when dealing with issues like minimum wage.

Principals of Economics, 9th eddition 2022, P.115