Minimum Wage Increase: Effect on the Retail Market Alexandra Chotin | Jody Finch | Donald Eaton | Gene Engholm | Aaron Goldblatt.

Slides:

Advertisements

Similar presentations

Basics of Job-Order Costing

Advertisements

Channels of Distribution

FAIR LABOR STANDARDS ACT TO INCLUDE FAIR PAY The Fair Labor Standards Act (FLSA), enacted in 1938, and amended to include the Fair Pay Act of 2004 is the.

Copyright © 2001 by The McGraw-Hill Companies, Inc. All rights reserved. Slide Workers, Wages, and Unemployment in the Modern Economy.

The United States Federal Reserve By Dr. Paul Lockard Professor Black Hawk College.

In this chapter, we will cover:

Measuring Inflation and Prices Consumer Price Index (CPI)– U and R GDP Deflator –For deriving “Real GDP” Wholesale Price Index (WPI) Producer Price Index.

Wichita 2007 Review 2008 Forecast Janet Harrah, director Center for Economic Development and Business Research, WSU October 2007.

Nevada County Conditions, Trends, and Forecasts 2007.

Agenda Marketing Channels Vertical Marketing Systems

The Economy and Marketing

Economic Activities and Economic Sectors

GDP, CPI, Unemployment Review Chaps. 23, 24 and 28.

THE BUSINESS OF FASHION 3.02 Explain the economics of fashion.

“Take time to appreciate employees and they will reciprocate in a thousand ways.” Bob Nelson quotes.

Chapter 18: International Trade. McGraw-Hill/Irwin Copyright  2007 by The McGraw-Hill Companies, Inc. All rights reserved Trade Facts Principal.

Trade Adjustment Assistance as a Model for Unemployment Insurance Reform Howard Rosen National Academy of Social Insurance January 19, 2006.

Macroeconomics I Lecture 9. October 2, 2007 Robert TCHAIDZE.

Chapter 4 Global Economies 1 Section 4.2 Understanding the Economy Marketing Essentials.

Chapter 3 political and economic analysis Section 3.1

Chapter 16 Global Logistics and Distribution. Definition of Global Logistics (P. 514) Global logistics is defined as the design and management of a system.

Measuring Economic Activity

Ind – Acquire the foundational knowledge of channel management

Economic Indicators Lauren Rudd January 9, Same store sales 01/9/20142.

Chapter 2 Measuring economic activity

UNIT C ECONOMIC FOUNDATIONS AND FINANCING 5.02 Explain the relationship between economic measurements and economic growth.

Distribution Where do products come from?. Channels of Distribution The path from manufacturer to the final user Business – industrial user Person - consumer.

Chapter 13SectionMain Menu Unemployment What are the different types of unemployment? How are unemployment rates determined? What is full employment?

Measuring economic activity

Reading the Economy. Rate of Change New – Old Old 600 – 500 =.2 = 20% 500.

Report to the Legislature Required by Senate Bill 2202 (due January 1, 2002) Board Briefing June 13, 2001 Agenda Item 5 Attachment 1.

Chapter 13SectionMain Menu Unemployment What are the different types of unemployment? How are unemployment rates determined? What is full employment?

Chapter 13: Marketing Channels 1 Copyright Cengage Learning 2013 All Rights Reserved.

2014 Business Outlook Survey Results. Business Economic Survey Your Target Market:□ Fargo-Moorhead □ Minnesota/ North Dakota□ Midwest□ Nationwide□ International.

Who Works Minimum Wage Jobs? 1. Who Works Minimum Wage Jobs (U.S.) Federal minimum wage is $7.25 per hour (since 2009). Nationally, 2,992,000 workers.

Where do products come from?

1.02 ~ ECONOMIC ACTIVITIES AND CONDITIONS CHAPTER 2 MEASURING ECONOMIC ACTIVITY.

Circular Flow Model and Economic Activity

Why Minimum Wage Should Be Raised Alex Tottle. Background Minimum wage laws were first instituted in 1938 by the US Department of Labor to create a limit.

Chapter 25: Manufacturing Chapter 26: Providing Services.

Aim: Understand the laws that protect you..  The FLSA establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting.

What option for opening a restaurant are you still holding on to? 1. Take your savings and open the restaurant now. 2. Hold off for a year and open it.

Captains of Industry Vanderbilt Carnegie Rockefeller.

1.02 ~ ECONOMIC ACTIVITIES AND CONDITIONS CHAPTER 2 MEASURING ECONOMIC ACTIVITY.

Objective 1.02 Understand economic conditions 1 Understand the role of business in the global economy.

Chapter 6--Prices. Market Equilibrium  The market equilibrium is the point at which the quantity supplied and quantity demanded for a product are equal.

Distribution Where do products come from?. Channels of Distribution The path from manufacturer to the final user Business – industrial user Person - consumer.

1. The government fulfills many roles and performs many activities in business. 2.

People in Business Trade Unions. By the end if the lesson you will…  Be able to explain what a Trade Union is and can affect workers, customers, the.

Government's Role in Business.

Chapter 4 ECONOMICS MEASUREMENTS. Goals  EXPLAIN how Gross Domestic Product (GDP), GDP per capita, and labor productivity are used as measurements of.

Supply Chain Management Chapter Definition of Supply Chain Management Supply Chain Management refers to the effort to coordinate suppliers, manufacturers,

Minimum Wage: The lowest wage, determined by law.

Labor Market information and Trends

Unemployment What are the different types of unemployment?

Understanding the economy

Unemployment What are the different types of unemployment?

Reasons for Rise in Big Business

Unemployment What are the different types of unemployment?

Macro Review Session According to expenditure model GDP accounting, money income derived from this year’s output is equal to: 1. corporate profits 2.

Unemployment What are the different types of unemployment?

Unemployment What are the different types of unemployment?

Wednesday, March 9th C – Economic Foundations & Financing

Ohio Learning Standard #9

Unemployment What are the different types of unemployment?

2 Economic Activity 2-1 Measuring Economic Activity

Unemployment What are the different types of unemployment?

History of the minimum wage

Unemployment What are the different types of unemployment?

Unemployment What are the different types of unemployment?

Presentation transcript:

Minimum Wage Increase: Effect on the Retail Market Alexandra Chotin | Jody Finch | Donald Eaton | Gene Engholm | Aaron Goldblatt

Federal Minimum Wage ❖ Introduced October 1938 ❖ Created to protect those producing goods for interstate commerce ❖ Expanded to non-exempt employee

Retail Industry: Origins Retailer - Sale of Goods for personal consumption from a fixed location First U.S Department store established Marble Palace. Retail began in large cities - expanded to urban population quickly via catalog mail order.

Retail Industry: Inside View Up FlowDown Flow Production Finished Product Raw Material Assembly Warehouse/Distribution Retail Channel Consumer

Federal Minimum Wage ❖ 60% of Minimum Wage workers are between 16 and 30 years old ❖ Typically low-skill high-labor jobs including retail and service which require little or no training.

Growth in Teen Unemployment ❖ Washington D.C began indexing minimum wage in ❖ Since implementation D.C has experienced a 10% growth in teenage unemployment verses a 4% growth nationally.

State Minimum Wage Laws Match Federal Greater than Federal No Law Less than Federal

Minimum Wage: Effects on Retail - Frontline Employee Increase in Minimum Wage Means: - Fewer Employees Maintaining Inventory - Fewer Employees assisting customers - Worsened buying experience

Minimum Wage: Effects on Retail - Logistics Increase in Minimum Wage means: - Shift in shipping practices Slower shipping = cheaper shipping - Longer product lead time - Increased planning and inventory labor

Minimum Wage: Effects on Retail - Wholesale Increase in Minimum Wage means: - Increased Secondary Trading - Decreased employment - Increased Automation - Increased Direct-to-Customer Sales

Minimum Wage: Effects on Retail - Analysis Increase in minimum wage adversely affects all business but for retail the adversely affects entire process. Increased minimum wage causes: Higher Production Cost Higher Transportation Cost Higher Front-line employee Cost Increased pressure for direct market wholesale

Minimum Wage Increase: Effect on the Retail Market Questions or Comments? Alexandra Chotin | Jody Finch | Donald Eaton | Gene Engholm | Aaron Goldblatt