About the Topic
What was the minimum wage increased to?
$16.55
How might some business respond to a minimum wage increase in terms of their prices?
- reduced job opporutnities/ workers being laid off
- small business may find difficulties coomplying to mandatory wage increases
- can lead to inflation and increase in prices of services and goods
In the labour market, what does "scarcity" refer to?
The limited number of available workers for job positions
When did Ontario raise its minimum wage in 2023
October 1st, 2023
Name one positive effect of minimum wage increase on employees
- increase in job stability
- increase in disposable income
What is the opportunity cost of allocating resources to a minimum wage increase?
It could mean fewer resources available for investments in education and infrastructure.
What is the cost of good living
It includes expenses such as shelter, food, transportation and more
Name one effect that benefits both business owners and employees
- boost in job participation
- increase in consumer spending
How can raising the minimum wage affect the labour market's demand and supply?
It can lead to an increase in the supply of labour but a reduction of labour in certain industries