Minimum Wage Research Paper

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As far as the impact it has on the economy goes, there are some adverse effects to consider. One of the major ways in which the minimum wage can have a negative impact on the economy is by way of the possible job losses that may result from it. With a rise in minimum wage, some businesses—small ones, especially—may not be able to afford the higher wages and end up cutting jobs in order to compensate. This can result in higher unemployment rates in certain sectors.nnAnother undesirable impact of minimum wage on the economy would be inflation. When the minimum wage is increased, businesses pass the increased labor cost to the consumers by way of increased prices for goods and services. This will contribute to the general rise in the cost of living,
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negative effects to consider. One way in which the minimum wage can affect the economy negatively is by potentially leading to job losses. When the minimum wage is increased, some businesses, especially small ones, might struggle to afford the higher wages and could end up cutting jobs to compensate. This can result in higher unemployment rates in certain sectors. Another negative impact of the minimum wage on the economy is inflation. When the minimum wage is raised, businesses often pass on the increased…

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