tailieunhanh - Lecture Introduction to economics: Social issues and economic thinking: Chapter 10 - Wendy A. Stock

Chapter 10 - The minimum wage. After completing this unit, you should be able to: Define the minimum wage, describe the history of the minimum wage, describe the difference between the real and nominal values of the minimum wage, | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 10 The Minimum Wage Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©David Levenson/Alamy Limited 1 Define the minimum wage Describe the history of the minimum wage Describe the difference between the real and nominal values of the minimum wage Assess the theoretical impacts of the minimum wage on the labor market Explain why minimum wage laws are controversial Describe research findings regarding impacts of the minimum wage Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 In 2006, Colorado passed a law that automatically adjusts Colorado’s minimum wage to keep pace with the prices of food, housing, and other goods and services. In 2010, Colorado policymakers were bound by law to lower the minimum wage from $ to $ per hour. Copyright © 2013 John Wiley & Sons, Inc. 3 Controversial minimum wage 3 The Minimum Wage is the lowest wage that employers can legally pay workers. Copyright © 2013 John Wiley & Sons, Inc. 4 The minimum wage 4 Fair Labor Standards Act (FLSA) in 1938 The FLSA also includes provisions mandating time and one-half overtime pay and restrictions on the use of child labor. The Fair Minimum Wage Act of 2007 The Nominal Value of the minimum wage is expressed in current dollar values and is not adjusted for inflation. The Real Value of the minimum wage is expressed in constant dollar or inflation-adjusted values. Copyright © 2013 John Wiley & Sons, Inc. 5 History of Minimum Wages 5 Copyright © 2013 John Wiley & Sons, Inc. 6 History of federal Minimum Wages 6 States also have their own minimum wage laws. Thirteen states higher than the federal level Five states lower than the federal level Other states the same as the federal level. When state and federal minimum wages are different, workers are entitled to whichever minimum wage is higher. Copyright © 2013 John Wiley & Sons, . | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 10 The Minimum Wage Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©David Levenson/Alamy Limited 1 Define the minimum wage Describe the history of the minimum wage Describe the difference between the real and nominal values of the minimum wage Assess the theoretical impacts of the minimum wage on the labor market Explain why minimum wage laws are controversial Describe research findings regarding impacts of the minimum wage Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 In 2006, Colorado passed a law that automatically adjusts Colorado’s minimum wage to keep pace with the prices of food, housing, and other goods and services. In 2010, Colorado policymakers were bound by law to lower the minimum wage from $ to $ per hour. Copyright © 2013 John Wiley & Sons, Inc. 3 Controversial minimum wage 3 The Minimum