Welcome to Economics!  Turn your homework into the box  Grab your notebook  Grab a calculator  Get an Entrance Ticket from Mr. Talcott  Silently.

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Presentation transcript:

Welcome to Economics!  Turn your homework into the box  Grab your notebook  Grab a calculator  Get an Entrance Ticket from Mr. Talcott  Silently begin the Entrance Ticket  Turn your homework into the box  Grab your notebook  Grab a calculator  Get an Entrance Ticket from Mr. Talcott  Silently begin the Entrance Ticket

“Minimum Wage”  Silently and Independently complete the Entrance Ticket  When finished, create a notebook entry for “minimum wage”  Silently and Independently complete the Entrance Ticket  When finished, create a notebook entry for “minimum wage” 10 minutes End

Objective of the day:  I can read articles about the positives and negatives of minimum wage in order to outline an argumentative essay on the subject.

QOD  I S M INIMUM WAGE A GOOD IDEA ?

Minimum wage as a Price Floor  Minimum Wage- minimum hourly, weekly, or monthly wage that an employer is required to pay his or her employee.  Unemployment- - people who currently do not have a job, but are actively searching for one  Minimum Wage- minimum hourly, weekly, or monthly wage that an employer is required to pay his or her employee.  Unemployment- - people who currently do not have a job, but are actively searching for one

Sketch a Market  Sketch the market for labor where:  p= wage  Supply= # of job seekers  Demand= # of Jobs available  Equilibrium wage = $6.50  Equilibrium Quantity= 75 jobs  Sketch the market for labor where:  p= wage  Supply= # of job seekers  Demand= # of Jobs available  Equilibrium wage = $6.50  Equilibrium Quantity= 75 jobs 2 minutes End

Now.  Imagine that the government sets minimum wage (price floor) at $10. Draw this effect on your graph.  What market condition will happen if the government sets this minimum wage?  Imagine that the government sets minimum wage (price floor) at $10. Draw this effect on your graph.  What market condition will happen if the government sets this minimum wage? 2 minutes End

Silently  Look at a neighbors answer  Is it the same as yours?  Is it different?  Look at a neighbors answer  Is it the same as yours?  Is it different? End

Talk it out  Explain to someone next to you how you got your answers and what steps you took 1:301:291:281:271:261:251:241:231:221:211:201:191:181:171:161:151:141:131:121:111:101:091:081:071:061:051:041:031:021:011:000:590:580:570:560:550:540:530:520:510:500:490:480:470:460:450:440:430:420:410:400:390:380:370:360:350:340:330:320:310:300:290:280:270:260:250:240:230:220:210:200:190:180:170:160:150:140:130:120:110:100:090:080:070:060:050:040:030:020:01End1:30

Write an Explanation  When and how does minimum wage cause unemployment? 1:000:590:580:570:560:550:540:530:520:510:500:490:480:470:460:450:440:430:420:410:400:390:380:370:360:350:340:330:320:310:300:290:280:270:260:250:240:230:220:210:200:190:180:170:160:150:140:130:120:110:100:090:080:070:060:050:040:030:020:01End1:00

With a Partner  Read and annotate ONE pro- minimum wage article AND ONE con-minimum wage article  Answer the questions at the end of the article in complete sentences and your own words  Raise your hand when you finish  Read and annotate ONE pro- minimum wage article AND ONE con-minimum wage article  Answer the questions at the end of the article in complete sentences and your own words  Raise your hand when you finish 20 minutes End

By yourself  Using the two articles you read, complete the argument outline for BOTH sides of the question:  Should Congress and the President pass legislation to raise the minimum wage of American workers?  For each side, you need 4 Quotes (make sure you put the article title and name), Write the quote, summarize the quote in your own words  When finished, raise your hand for the next assignment  Using the two articles you read, complete the argument outline for BOTH sides of the question:  Should Congress and the President pass legislation to raise the minimum wage of American workers?  For each side, you need 4 Quotes (make sure you put the article title and name), Write the quote, summarize the quote in your own words  When finished, raise your hand for the next assignment End

Homework  Read “ The Unappetizing Effect of Minimum-Wage Hikes”  Underline 3-5 Key points  Write a 5-10 Sentence summary of the article  Read “ The Unappetizing Effect of Minimum-Wage Hikes”  Underline 3-5 Key points  Write a 5-10 Sentence summary of the article