Economics Essay Minimum Wage - 1903 Words

Economics Essay: Minimum Wage Mark Mulhern It is most advantageous for the United States’ to not raise the minimum wage from $7.25 per hour to $15 per hour. Multiple studies have shown that increasing the minimum wage is inefficient at raising the poverty level. Also, a trade off of having higher paid, stable jobs as a result of raising the minimum wage is less jobs available, or unemployment. Most people expect it to raise the wages of poverty-stricken families. However, the income distribution effects of changing the minimum wage crucially relies on who is earning the minimum wage (Leigh 432). If there is a relatively large number of teenagers earning the minimum from middle-upper class families, then a rise in minimum wage will have less influence on the poor (Leigh 432). To solve this problem, the United States should work on expanding earned income tax credit, a government issued subsidy that goes to millions of low-income workers that is proven to increase employment and reduce poverty. With this, the United Sta tes can efficiently shrink the income gap of Americans and raise the standard of living of poor families. The minimum wage is the least amount an employer must pay his/her employee for working. (Mankiw). Congress passed the Fair Labor Standards Act in 1938, ensuring that workers have an adequate standard of living by adding a minimum wage (Mankiw). Today, the national minimum wage is $7.25 per hour. Looking at changes in poverty, 15% of Americans were livingShow MoreRelatedTodays Social And Economic Inequality Is A Matter People1343 Words   |  6 PagesTodays social and economic inequality is a matter people are faced with in their daily lives. Many Americans are currently unable to reach their full potential due to the lack of financial stability in the work force, and are incapable of providing stable income for their dependents. Krugman, like many Americans, believes that change is the only way to help close the ever-growing gap between upper class Americans and those who are middle class or below poverty level. In Krugman’s essay â€Å"ConfrontingRead MoreAdvantages And D isadvantages Of Minimum Wage In Taiwan1541 Words   |  7 PagesIntroduction Nowadays, minimum wage is very important for workers in this world. In addition, minimum wage is also a core element of public policy in lots of countries. For example, minimum wage has become a hot topic in Taiwan recently. The Taiwanese complained that the working hours are too long, and the wages are too low. Because of that reason, workers in Taiwan have come forward to protest this policy. Therefore, according to this example, minimum wage has become an issue that cannot be ignoredRead MoreThe Impact Of National Minimum Wage On South Africa s Income Inequality Essay1525 Words   |  7 PagesThe impact national minimum wage would have on South Africa’s income inequality should it be implemented. South Africa is still considered one of the countries which still consist of high income inequality. Economists argue that inequality is the most unavoidable part of the economic development and that it continues to increase in developing countries due to economic growth (Keeton, 2014). Inequality is a problem in countries such as South Africa, because it shifts the attention from bigger andRead Moreminimum wage1601 Words   |  7 Pagesfor the low-income workers and their families whenever the government increases the minimum wage. The United States Congress adopted the Fair Labor Standards Act in 1938. Congress created the minimum wage toward the end of the Depression era to ensure a minimum standard oPremium 2048 Words 9 Pages Macroeconomics: Should the Minimum Wage Increase? Should the Minimum Wage Increase? Minimum wage is the lowest wage permitted by law or by a special agreement that can be applied for an employee or putRead MoreBackaches and Depression and Poverty, Oh My!1474 Words   |  6 Pagesgood jobs are taken? Similarly, people are left with â€Å"bad† jobs that pay a meager salary. Minimum wage is a nightmare to anyone that depends on the payment to make a living; furthermore, minimum wage life requires a person to take more than one job in order to make a good living, and it requires hard work paid with salaries that cannot compensate the backaches, depression, and poverty put into it. Minimum wage needs to be raised to a more accommodating salary payment in order to ensure a suitableRead MoreMinimum Wage Of The United States Of America And Australia1031 Words   |  5 Pagesvarious countries see growth in their economy, there has also been significant differences in the wages set to employees in different countries. The lowest wages set by the law that are fixed to a particular amount which is also defined to be the price floor below which workers shall not sell their labor, has its own effects. The minimum wage law came into force as a matter of social justice amongst the low-wage workers, also to reduce exploitation and see that workers can afford the standard basic livingRead MoreMinimum Wage Regulations Strike At The Very Heart Of The Free Enterprise System1526 Words   |  7 Pagesprice control, minimum wage legislations strike at the very heart of the free enterprise system. The father of economics, Adam Smith explained in his masterpiece, â€Å"The Wealth of Nations†, that â€Å"the price system is the communication mechanism that coordinates, motivates, and harmonizes the actions of consumers and entrepreneurs†. His renown metaphor and philosophy of the â€Å"Invisible Hand† captured the idea that free-market pricing system mol ds individual self interest into extensive economic bettermentRead MoreThe Minimum Wage Change 1151 Words   |  5 Pagesthe topic of minimum wage. With president Obama’s increase in the minimum wage to 10.10$ per hour people, both economists and politicians alike, have been debating whether raising the bar is a smart idea. At a time when the country the country’s inflation continues to rise at a steady pace and Americans are constantly working to feed their families, some economists know that a raise in the minimum wage would help elevate some of the difficulty. The last time the federal minimum wage was raised wasRead MorePersuasive Essay Outline :Minimum Wage964 Words   |  4 Pages Persuasive Essay Outline :Minimum Wage 1 Intro - I want you to think about your very first job .Were you a Bellhop ,cashier ,bartender ,cooks(fast food ),lifeguard, .Now how about your second job were you a airport worker or child care worker.About how much were youRead MoreIntroduction. The Idea Of Fairtrade Emerged In The Late812 Words   |  4 Pagessaleable in both supermarkets and other mainstream actors (Bezencon, 2011, p.61). This essay argues that producers and workers cannot gain notable benefits from Fairtrade. It will begin by looking at the Fairtrade minimum price and wages, then move on to the financial stability guarantee from Fairtrade Foundation and finally with the factors of influencing knowledge application. Fairtrade Minimum Price and Wages Firstly, it can be believed that Fairtrade locked the producers and workers into poverty

The Working Life Essay - 1355 Words

The belief that work is morally good is the definition of work ethic provided by The American Heritage Dictionary. Work can mean different things to different people. Usually, when we first think of a word and its meaning, we look at its definition. When defining what is morally good, one must remain open to past societal meanings of what was considered moral. Work ethic has developed and changed through different cultures over centuries. Historians and philosophers have developed great insights and theories pertaining specifically to the meaning of work ethic and its meaningfulness in todays modern employment, while some have praised it and some have cursed it. Which leads us to the question, do workers today have a calling or†¦show more content†¦Furthermore, people who work for wealth are never satisfied, because the things that they want and the work that they do to get it are never ending. Work takes on greater importance in a society where people believe that they can master the material world and shape their own destinies, and less where they believe that they can not. An Ancient Greek philosopher said that the only stability in the world was within ones mind or soul, where ideas were secure from the unending changes that took place in the material world. In Ancient Greece, philosophers believed that a persons thoughts and ideas were more important than that persons work and that work in the material world lacked permanence. For the ancient Greeks, the status of particular occupations depended on the degree of freedom a person had, the perceived moral integrity of the occupation, and the amount of mental and physical work it required. Today we tend to feel that working in an office is better than working in a coal mine, regardless of which worker makes more money. Our language suggests that it is a privilege to work sitting down. In various cultures in the era before Christ, the material world was thought impermanent and inferior to the mental and spiritual world, but work was not disdained. The Buddha in the sixth century B.C. said that people suffer because they thirst for material things and physical pleasures, and that theShow MoreRelatedLife Working At Crouse Hospital Essay2214 Words   |  9 PagesIntroduction Throughout my short time working at Crouse Hospital on the Antepartum/Postpartum unit, I have witnessed pregnant and postpartum mothers struggling with substance abuse on a recurring basis. While working on this unit, I have had the opportunity to experience some of the best moments in the newborn s life, such as parents holding their baby for the first time. On the other hand, I have witnessed the heart breaking reality of what the newborn experiences as a result of maternal substanceRead MoreThis American (Working) Life1053 Words   |  5 Pagespoor. However, one of the main problems with increasing exceptions to the FLSA is that if an employee is being paid the minimum salary for an exempted worker, they are within a whisper of the poverty line. The original language pertaining to anyone working with computers was first introduced in 1990. An be labeled exempt one would have to be paid an hourly rate and paid no less than six and a half times the minimum wage. In 1996 the rate was adjusted to a fixed rate of $27.63 an hour(U.S. Cong. SmallRead MoreSpeech Outline- Life of a Working College Student949 Words   |  4 PagesDays of Your Life 1 Days of Your Life General Purpose: To inform Specific purpose: To inform my audience about my culture and life as a working student. Thesis Statement: Introduction For years, college students have been told that their college years would be the â€Å"time of their lives†, what people don’t tell us, is what makes it the time of our life. According to a National Retail Federation survey conducted in 2009, Nearly 49.1 percent of college students will be living at home this yearRead MoreWorking Long Hours And Its Effect On Family Life1812 Words   |  8 PagesWorking long hours have become a tradition in modern society. Although it was postulated from the past that today’s society would have too much free time, this has turned out to be a sharp contradiction. In this paper, an examination of working long hours are examined with respect to how this habit became a norm, how it is propagated, and its effect on family life. Working long hours is a result of scarcity of resources in society. Long working hours is now a norm for society. This custom becameRead MoreWorking Long Hours And Its Effect On Family Life1806 Words   |  8 PagesWorking long hours has become a tradition in modern society. 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I have read many articles regarding financial recommendation for recent graduate students and learned a great deal which I ‘ll apply as soon as I enter the workforce. This project will help me outline different and crucial financial recommendations that will benefit me as well as my future family. In this paper, I will discuss financial recommendationsRead MoreEssay about Slims Table: The Life Of A Working Class Black Person1082 Words   |  5 PagesSlims Table: The Life Of A Working Class Black Person Slims Table, written by Mitchell Duneier has been called a true stereotype buster due to its content in which it truthfully examines the lifestyles of working class black men. The book is designed to break the common misconceptions imbedded in a majority of peoples minds over how a black man lives his life and why he in a sense does what he does, thinks what he thinks, and acts the way he acts. 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International Journal of Business and Management Ghana

Question: Describe about the International Journal of Business and Management for Ghana. Answer: A business has been introduced. The business will be centered on manufacturing unit. Manufacturing is a type of business that uses components, parts or raw materials to make a finished product. The finished goods can be sold directly to the customers. Manufacturing units are a growing entity in the world. The emergences of entrepreneurs around the globe are helping the type of business to grow. It is comprised of machines and tools. Labor is an important aspect in manufacturing firm. We have opened a manufacturing firm that is concerned about making raw materials for car making companies. Our business will make car parts and automobile machineries. The manufacturing process is often termed as fabrication. We are making the business very simple and easy to understand (Kastalli Van Looy, 2013). The business will be set in Queensland, Australia. The place is chosen in Australia, as there is an abundance of car companies in Australia. Ford, Toyota, GM, Volkswagen and Renault are some of the well-known car brands operate in various parts of the country. These companies require multiple car parts and machineries for making the automobiles. The manufacturing plant should be selected for their accessibility. The place should have proper parking facilities, spacious. The weather should be pleasant, as the manufacturing business should not operate from a humid and hot weather condition. The transportation system should be cohesive and properly structured. The time consuming process could be tedious and exciting. Many startup business stops for the excess price and expenses they incur (Asamoah Annan Nyarko, 2012). Unlike merchandising business or hybrid business, manufacturing business buys products for the intention to use them as materials in making new product. A transformation is there in the process. Our manufacturing company will comprise of raw materials, labor and factory overhead in the production process. The manufactured car parts will be delivered to the car making companies. The organization chart will highlight the formal chain of management system. The command and communication between the supervisors and the workers needed to be good. They should help eachother to understand the goals of the firm. Manufacturing firm depends on employee output. The output should be similar every day. The workers should try to overcome the barriers in the manufacturing firm (Needles Crosson, 2013). We would give the workers all the resources possible. 24 hours electric, water supply, food supply and first aid rooms should be there in any manufacturing unit. In a unit like ours the fours thing sh ould be made mandatory. The machines should be made rust free. Oiling to the machines need to be done on a regular basis. Employee evaluation and job satisfaction are the two parameters we will incorporate in our unit. Manufacturing business has been chosen as the area of our business. The economy of a country relies on manufacturing units. The more the number of entrepreneurs the more will be the GDP. It would create more job options for the youths. The foundation of economic stability stands on manufacturing plants. In a country like Australia where the natural resources are present at a good rate, the risk can be taken to start a new business in manufacturing industry. Australia has an abundance of Steel, mines and natural gas. For a car parts making company iron, steel and heavy metals are needed most importantly. Therefore, we thought it would an easy option for us if we choose this stream of business. For running a manufacturing cost, it takes enough funds. We were five people in the group that is why everybody contributed to make the idea to explore. The manufacturing sectors have behind the scene logistics opportunities. The industry knowledge can lead anyone on getting higher knowledge of business. Welding, Fabrication, Assembly, Mechanists and more can train for the skill sets without spending much penny. They can earn substantial living wage. Therefore, manufacturing has a career potential and it has opportunities to earn more than anything else does (Needles Crosson, 2013). Financing takes pole position in any business. It can be personal financing or financing from different sources. The finance depends on the type and size of business. In our case, it would take enough funds to make a progress. Processing business is usually capital intensive requires large sum of capital. Investments should be properly made, lot of decisions need to be taken before a lump sum investment. Life insurance also needs to be done for dealing any future frictions. This does not include any term assurance. Personal finance can be profit sharing. In our case, there are six people included so a profit sharing model will be used. We are taking loans from government banks for our finance. We have deposited security to the bank for getting the loan. Mortgage was drawn for getting the loan amount. Venture capital is a type of finance that comes from companies. We have targeted some car making firms. They are giving us advance money for making car parts. It is a venture capital. Ge nerally, they prefer to invest in companies that have received equity investments from the founders and are already profitable. Manufacturing overhead is indirect factory related costs that are incurred at the cost of production. It includes labor cost, material cost etc. in our case the number of labors will be more, so the wage and labor cost will be huge. The inventory and cost of goods sold are valued and reported according to the accepted principles accounting. Selling and administrative costs come under non-manufacturing cost. Compensation and occupancy costs and expenses are the depreciation of nonmanufacturing equipment (Grubel, 2014). It expenses for the trucks and automobiles are used for delivering process. Here in our case a plant controller will be there to take the responsibility of coordinating the completion of all plant accounting. At the time of implementing new system, significant business process changes that goes along with the flow. Inventory valuation can track the production of specific jobs. For the valuation, standard cost, FIFO and LIFO methods are used. The comparison of actual cos t is incurred to standard budgeted cost. The aspect of manufacturing cost in accounting is necessary. The favorable variance might simply mean that a standard was set to make the process easier. It is bound to be favorable. The information derived from the analysis can be used as the basis for the annual budgeting. The ultimate responsibility of the work is to dictate the accounting process in an inclusive manner (Beatty Liao, 2014). (Source: www.accountingworld.com) (Source: www.accountingsource.com) Cost of Goods Manufactured Statement Cost Element Decisions Information required Material Direct Labor Manufacturing overhead Supplier*number of orders*order size* Number of factory workers and their wage rate Type of finishing department equipment, order size of materials, factory labor compensation List prices Quality discounts Carriage cost Cost of order supply Capacity required Wage carrying unit Carrying cost of inventory Overhead cost Variable cost rates Property plant and equipment are a class of assets. It has a physical existence. A company recognizes fixed costs when it gains control over economic benefits. The benefit can be generated from the assets. The fixed asset is carried on the balance sheet (May, 2013). Cost of Land includes Purchase cost, transaction cost, legal fees and registration fees Cost of Machinery parts include Permit cost, construction cost, equipment cost and excavation cost Cost of plant includes Labor cost, inspection cost, test run cost, purchase cost Balance sheet projections Assets Initial balance Year 1 Year 2 Year 3 Year 4 Year 5 Cash and short-term investments $6,000 $126,532 $97,817 $152,700 $226,378 $179,786 Accounts receivable 3,000 3,000 3,000 3,000 3,000 3,000 Total inventory 25,000 25,000 25,000 25,000 25,000 25,000 Prepaid expenses 0 0 0 0 0 0 Deferred income tax 0 0 0 0 0 0 Other current assets 5,000 5,000 5,000 5,000 5,000 5,000 Total current assets $39,000 $159,532 $130,817 $185,700 $259,378 $212,786 Buildings $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Land 100,000 100,000 100,000 100,000 100,000 100,000 Capital improvements 0 0 0 0 0 0 Machinery and equipment 100,000 100,000 100,000 100,000 100,000 100,000 Less: Accumulated depreciation expense 0 40,000 80,800 122,400 164,800 208,000 Net property/equipment $300,000 $260,000 $219,200 $177,600 $135,200 $92,000 Goodwill $0 $0 $0 $0 $0 $0 Deferred income tax 0 0 0 0 0 0 Long-term investments 0 0 0 0 0 0 Deposits 0 0 0 0 0 0 Other long-term assets 0 0 0 0 0 0 Total assets $339,000 $419,532 $350,017 $363,300 $394,578 $304,786 Liabilities Initial balance Year 1 Year 2 Year 3 Year 4 Year 5 Accounts payable $2,000 $2,000 $3,000 $3,000 $1,500 $1,500 Accrued expenses 0 0 0 0 0 0 Notes payable/short-term debt 0 0 0 0 0 0 Capital leases 0 0 0 0 0 0 Other current liabilities 100 100 100 100 100 100 Total current liabilities $2,100 $2,100 $3,100 $3,100 $1,600 $1,600 Long-term debt from loan payment calculator $80,000 $65,522 $50,320 $34,358 $17,598 $0 Other long-term debt $100,000 $200,000 $150,000 $175,000 $225,000 $150,000 Total debt $182,100 $267,622 $203,420 $212,458 $244,198 $151,600 Other liabilities 0 0 0 0 0 0 Total liabilities $82,100 $67,622 $53,420 $37,458 $19,198 $1,600 Equity Initial balance Year 1 Year 2 Year 3 Year 4 Year 5 Owner's equity (common) $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Paid-in capital 250,000 250,000 250,000 250,000 250,000 250,000 Preferred equity 0 0 0 0 0 0 Retained earnings 0 (4,990) (10,303) (5,059) (5,520) (2,714) Total equity $300,000 $295,010 $289,697 $294,941 $294,480 $297,286 Total liabilities and equity $382,100 $362,632 $343,117 $332,400 $313,678 $298,886 References Asamoah, D., Annan, J., Nyarko, S. (2012). AHP approach for supplier evaluation and selection in a pharmaceutical manufacturing firm in Ghana.International Journal of Business and Management,7(10), 49. Beatty, A., Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature.Journal of Accounting and Economics,58(2), 339-383. Davenport, A. J., Hama, T., Kalagnanam, J. R., Reddy, C. K., Siegel, S. A. (2014).U.S. Patent No. 8,670,856. Washington, DC: U.S. Patent and Trademark Office. Garrison, R., Noreen, E., Brewer, P., CHENG, N. S., YUEN, C. K. (2015). Managerial Accounting: An Asian Perspective. Grubel, H. G. (2014). A theory of multinational banking.PSL Quarterly Review,30(123). Henderson, S., Peirson, G., Herbohn, K., Artiach, T., Howieson, B. (2013).Issues in financial accounting. Pearson Higher Education AU. Kastalli, I. V., Van Looy, B. (2013). Servitization: Disentangling the impact of service business model innovation on manufacturing firm performance.Journal of Operations Management,31(4), 169-180. May, G. O. (2013).Financial accounting. Read Books Ltd. Needles, B., Crosson, S. (2013).Managerial accounting. Cengage Learning. Raman, R., Lindsay, V. J., Everton, N. (2015). Managing institutional differences for international outsourcing success: the case of a small New Zealand manufacturing firm. Wu, B., Sarker, B. R., Paudel, K. P. (2015). Sustainable energy from biomass: Biomethane manufacturing plant location and distribution problem.Applied Energy,158, 597-608. Yang, Y., Guan, J., Yin, J., Shao, B., Li, H. (2014). Urinary levels of bisphenol analogues in residents living near a manufacturing plant in south China.Chemosphere,112, 481-486.

Remarks Concerning the Savages of North America free essay sample

He said for all their government was a counsel of the ages; there was no force. There was no prisons, no officers to compel obedience, or inflict punishment. They governed their own community. He explained how the women would dress the food, nurse and raise the children, running the household. It was the womans duty to imprint and communicate it to their children being there was no writings. They had their own way to interpret and communicate. This was the way they preserved information and traditions in their culture.In 1744 the government of Virginia and the Six Nations came to an agreement with the commissioners from Virginia and spoke to the chief Indians telling them in a college will be established in with paid funding for the education of young Indians. All the six nations had to do was send a half a dozen of their young Indians to that college and the government of would of provided all means and they were Instructed to learn from the white people. We will write a custom essay sample on Remarks Concerning the Savages of North America or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The Indians were always taught to be polite In any situation and show respect by taking time to consider any important matter. It took the Indians one day to respond to the government of Virginia, it was explained that some of their young people were sent to college in the Northern Provinces he says they were instructed in all your sciences; but, when they came back to us, they were bad runners, ignorant of every means of living in the woods, unable to bear either the cold or hunger, knew neither how t build a cabin, take a deer, or kill an enemy, spoke our language imperfectly, were therefore neither fit for hunters, warriors, nor counselors; they were totally good for nothing.He goes on to decline their offer with great respect to them and asks if the gentlemen of Virginia will send us a dozen of their sons, we will take great care of their education, instruct them In all we know, and make MEN of them. Franklin said the politeness of these savages In conversation Is Indeed carried to excess, since It does not permit them to contradict or deny the truth of what is asserted in their presence. Of course Chri stians tried to push their beliefs on the Native Americans, even though it was no good their beliefs were all so strong and that it was natural. A Swedish Minister gave a great short speech of Christianity, afterwards the Indian orator shared some main aspects of their own religion. The good missionary was appalled and disgusted by the story and called them idle tales.The Indian replied my brother, it seems your friends have not done you Justice in your education; they have not well instructed you in the rules of common civility. You saw that we, who understand and practice those rules, believed all your stories; why do you refuse to believe ours? Franklin showed us in this essay the hospitality and politeness of the Indians. The word of an Indian, who said if a man enters one of our cabin we dry him if he is wet, we warm if he is cold, we allay his hunger and thirst; we demand nothing in return.