1. Warm Up – May 8
Unit 7 Review - Answer the following questions on a post it:
1. What are the four factors of production?
2. What is scarcity? Why will it always exist?
3. Four Factors that influence a producer’s willingness to sell a product
4. Five Factors that influence a consumer’s willingness to buy a product

2. UNIT 7: The ECONOMY
Minimum Wage

3. Pros and Cons of Raising Minimum Wage
Download the “Pros and Cons of Raising Minimum Wage” from my website and answer the following questions on the same post it as the warm up:
When was minimum wage first introduced? What rate was the first minimum wage? How many times has it been increased?
When was minimum wage most recently increased? How many states have a higher minimum wage than the federal wage?
When the state and federal minimum wages are different, which one is an employee entitled to?
What do opponents of raising the minimum wage argue would do to small companies?
What do proponents of raising the minimum wage argue in regards to how it would help employees?
Read thru each of the arguments presented in the article for each side, in your opinion, should the federal minimum wage be raised? Why or Why not?

4. What is Minimum Wage?
Passed in 1938 by President Franklin Roosevelt during the Great Depression in the hopes of stimulating the economy
Current federal minimum wage: $7.25
Some states have minimum wage laws that set a higher rate, but all states must follow the federal minimum.
Some states allow “tip credit” in which they are paid a lower wage because they receive tips.
Last increase was 2009 from $6.55, before that it was at $5.15 for 10 years.

5. TOD – May 8 Answer the following questions on the same post it:
1. What is supply and demand?
2. Difference between the organization of a sole proprietorship, partnership and corporation
3. What is the difference between limited and unlimited liability?
4. What is the purpose of a company selling stock?
5. What is the current federal minimum wage? Are states allowed to have a different minimum wage than the federal wage?