minimum wage mon042514

Bellringer (White Boards)Today’s objective: identify direct and indirect effects of price floors.

1. Are you currently employed?2. What do you think the current minimum wage

is in Arizona?3. Name 3 jobs you could work right now as a high

school student?

04/28/14

Price Ceiling – In your notes

Price Ceiling – a legal maximum price (limit) that may be charged for a certain good or

service.

Price floor – In your notes

Price floor– a legal minimum price - goods or services may not be sold below this price.

Notes – take out your price ceiling notes and

continue here…A common example of a price floor is minimum wage…

There are generally two types of people looking for jobs.

1. Skilled person – (educated / experienced)2. Unskilled person – (little to no experience)

Price FloorPrice floors are more common than price ceilings.

When might low prices be a problem for a farmer?

Jobs after school?

• Imagine Congressman Grijalva is considering raising the federal minimum wage next month.

• Write a formal business letter to Congressman Grijalva using the provided handout as a guide.

• In three paragraphs support your argument if you are for or against raising minimum wage and why.

Letter to Grijalva

Washington, D.C. Office:1511 Longworth HOBWashington, DC 20515ph (202) 225-2435fax (202) 225-1541

• Washington, D.C. Office:1511 Longworth HOB

Washington, DC 20515ph (202) 225-2435fax (202) 225-1541

Letter to Grijalva