Should The Minimum Wage Be Scrubbed?

Essay , 2017 , 3 Pages , Grade: 1

Economics - Monetary theory and policy

This paper analyzes the concept of minimum wage and seeks to answer the question whether it should be scrubbed or not.

A minimum wage is the lowest amount of remuneration which employees ought to legally pay their employees. Even though there are minimum wage laws in many governments, there exist differences in opinion about the benefits and setbacks of a minimum wage.

Those who support the minimum wage argue that it lowers inequality in society, reduces poverty levels, increases the living standards of employees, increases motivation and increases efficiency among businesses. On the contrary, its opponents argue that it increases unemployment, increases poverty and has a damaging effect to businesses because high minimum wages require businesses to increase product prices to accommodate the extra expense of paying a higher wage.

Inhaltsverzeichnis (Table of Contents)

• Corporations and Sustainability Management Systems
• Monopolistic Corporations
• Environmental Stewardship
• Social Responsibility
• Economic Responsibility

Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)

This paper examines the concept of minimum wage and investigates whether it should be abolished. It analyzes the arguments for and against a minimum wage, considering its impact on inequality, poverty, employment, and business efficiency. The paper then delves into the importance of sustainability management systems for corporations, exploring its three key aspects: environmental stewardship, social responsibility, and economic responsibility.

• The impact of minimum wage on society and businesses.
• The importance of sustainability management systems in corporations.
• The three main aspects of sustainability: environmental stewardship, social responsibility, and economic responsibility.
• The role of corporations in society and their impact on the economy.
• The challenges and benefits of monopolistic corporations.

Zusammenfassung der Kapitel (Chapter Summaries)

• The paper begins by discussing the concept of minimum wage and its potential benefits and drawbacks. It examines arguments for and against a minimum wage, including its impact on inequality, poverty, and employment.
• The paper explores the importance of sustainability management systems for corporations. It highlights the need for a balance between environmental stewardship, social responsibility, and economic responsibility for successful corporate growth.
• The paper examines the role of monopolistic corporations and their impact on the market. It discusses government regulations designed to ensure fairness and prevent consumer exploitation.
• The paper explores the importance of environmental stewardship for corporations. It discusses the negative environmental impacts of business activities and the need for corporations to embrace sustainable practices.
• The paper emphasizes the significance of social responsibility for corporations. It highlights the importance of fair treatment of employees, reasonable prices for consumers, and positive community engagement.
• The paper delves into the economic responsibilities of corporations, focusing on paying dues to shareholders, employees, and the government. It emphasizes the importance of ethical business practices and compliance with laws.

Schlüsselwörter (Keywords)

This paper focuses on the key concepts of minimum wage, sustainability management systems, corporate social responsibility, environmental stewardship, economic responsibility, monopolistic corporations, and the impact of corporations on society and the economy.

• College: Dedan Kimathi University of Technology
• Grade: 1
• Author: James Mageto (Author)
• Publication Year: 2017
• Pages: 3
• Catalog Number: V358349
• ISBN (eBook): 9783668435216
• ISBN (Book): 9783668435223
• Language: English
• Tags: should, minimum, wage, scrubbed