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Economics Investigating Business and Labor Trends Portfolio unit 3

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Economics Investigating Business and Labor Trends Portfolio unit 3 Part 1: Why is it important for all entrepreneurs to be prepared for changing technology? It is very important for entrepreneurs... to be prepared for all changes in technology because it can be a make or break with what they have when selling products, such as how cash registers are, they use to make some noise and there was a big button, now a days there all lasers and have computers as the register. How can entrepreneurs avoid getting caught up in the hype surrounding their product or service? Entrepreneurs can avoid getting caught up in the hype surrounding their product or service by not taking a bite bigger then they can chew, and not putting all their eggs into one basket. What other qualities are essential for success as an entrepreneur? Other qualities that are essential for success as an entrepreneur are qualities such as, always have an open mind, have strong people skills, be creative, determined, confdent, a self-starter and make sure to be passionate about what your doing. Part 2: Why is employee turnover a problem for a business? Employee turnover is a problem for a business because its expensive to hire and train someone who doesn’t have the experience for the job. What are some of the strategies companies employ to limit turnover? This study resource was shared via CourseHero.comSome strategies companies used to limit turn over are that they will start to hirer managers more selectively, they will make the starting wage higher and they will make sure to train them to have a better atmosphere to work in. How does a business’s corporate affect employee satisfaction? How does a business’s corporate culture affect customer satisfaction? A business’s corporate affects both employees and customers, they have a set of values to which are communicated to all employees and it effects how they serve the customer. Part 3: How did the minimum wage change in October 1996? What other change occurred in September 1997? In October 1996 the minimum wage changed from $4.75 an hour around a year and a month later it raised to $5.15 Recognize cause and effect Why was the “blow” of October 1996 change softer on some employers then it might have been? The blow on some employers was softer because they already payed more than the $4.75 per an hour rate, at the time the labor market was extremely tight. Hugh Schmidt said that “Supply and demon matters more then what the minimum-wage mandate is” keeping this in mind, the McDonald’s corp. franchisee, in vail, colo, bumped the pay rate from $6.50 to a whole 7 dollars. Identifying alternatives What alternative did some employers use to lessen the impact of the change on their bottom line? (list at least three.) The alternative that some employers use to lessen the impact of the change on their bottom line were they started selling some assets for liquid cash, would start cutting out employees so they could reduce wage expenses and they changed the tax accounting so they would be able to get revenue earlier. How are they affected? Helped Hurt Young and/or Inexperienced Workers Are protected from exploitation of companies. Will have a harder time getting entry-level because of higher labor costs This study resource was shared via CourseHero.comOlder and/or Experienced workers Families can provide income for their loved ones and themselves. The older the worker the harder it is for them to work which means it would reduce the number of workers Business owners A fully inexperience’s business would need to think about or have something else because they would be able to protect him from having to have a higher minimum wage by getting new employees There’s a lot of businesses that are inexperienced which that can hurt them Consumers When the productivity is high the minimum wage policy is not something to make a huge deal about. When the productivity is low the consumers could be impacted with minimum wage policies The U.S. Economy Increased Productivity IF there is not enough employment it can be really bad Part 4: Write a persuasive answer to the question: Should the minimum wage be raised? Support your answers with details from the Wall Street Journal Articles, and Chapters 9 and 10 of Economics: Principles in Action, or any other activity from Unit 3. You should have at least three supporting details for your argument. Use the Student SelfAssessment Rubric to review your answer I say that the minimum wage should be raised. There are many reasons why it should be raised, think about it, would someone leave a job if they actually got payed a good amount for the work they do? No, if minimum wage was raised more people would probably stay in their jobs. in most jobs the people working don’t even get payed enough for all the work they do. If the minimum wage was raised workers would probably work harder for their pay check and be proud of themselves knowing there making a lot of money for the work their doing. This study resource was shared via Powered by TCPDF ( [Show More]

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