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04.02 Should the Government

Control the Economy?
Mohammed Vayda
In this assignment you will be writing a 400 word
essay/blog. Each step involves you gathering
information to create the final product.
1. Research an economic question

2. Create and label a graph about your economic topic

3. Gather research on your topic and relate it to economics – make sure

you include the economic terms in the steps
Step 1: Research arguments, for and against,
one of these topic questions, then decide which
you want to work with.

Option A: Should government raise the minimum wage?

or

Option B: Should government set the price of gasoline?

 Step 2: Create a graph to show the effect (shortage or
surplus) of the government regulation you chose. Discuss
why these issues do or do not affect your claim. Include the
appropriate labels for your graph.
Insert your graph here Surplus
Supply

Remember to label:

Price
• price
• quantity
• supply Shortage
• demand Demand
• surplus or shortage
***There is a great example of the graph on page 3 of lesson 4.02*** Quantity
 On the next slide...
• Write a persuasive argument as an essay or blog entry to address your topic.

• Use a minimum of 400 words.

• State your claim clearly with details from reliable sources. Be sure to include:
• Your claim on the topic question (agree or disagree)
• Three strong arguments that support your claim
• At least one argument that opposes your claim and how you
challenge it
• Economic terms from the lesson such as price controls, equilibrium
price, shortage or surplus
 400 word essay or blog

The minimum wage needs to be higher to accommodate the living needs and expenses of all people. The
minimum wage is the lowest amount of money an employer can legally pay an employee. Currently, the minimum
wage, given by the federal government, is $7.25 an hour. That means if a person works the average 9-5 job earning
minimum wage, they earn around $20,000 a year. This much money is not enough to support a family and can lead to
poverty. Some states are already taking action to higher their minimum wage. Some reasons to higher the minimum
wage are, more people will be out of poverty, workers will be more efficient if they have a good goal to work towards,
and people’s desire to work would become greater. The minimum wage shouldn’t be higher because it might cause
inflation. The next paragraphs will further explain these four topics.
Over 35 million people, who have a job paying minimum wage, are in poverty. Many people do not have
enough money to feed their own families and need help. Increasing the minimum wage by only a few dollars would
greatly help these people and many others. A lot of immigrants or refugees who come to the U.S seeking a better life
usually get put into jobs that don’t pay well, and some who don’t know English and have very little knowledge would
have to just go with it. These people can’t even afford a house and are usually the most affected by poverty.
People tend to work harder and faster if a reward is worth their time. Companies would get higher productivity
and higher profit. Currently, people who are getting paid minimum wage just work to get a little bit, this greatly
lowers their morale. However, if the minimum wage was around $12 an hour people would be working towards a
much heavier paycheck, this would increase morale. Increased happiness of employees would also mean that the
company would do well.
More people would want to work if the minimum wage was higher. If a company has a lot of demand and little
supply, paying the minimum wage, increasing that wage would cause more people to work for them. Big companies
 400 word essay or blog

would see an increase in production and they could meet the demand, this would cause a company to
evaluate their equilibrium price. On the other hand, smaller companies would face an increase in
production, but they don't have a lot of demand. This would cause a surplus in their goods.
Inflation happens when the amount of money circulating through the country rises. Raising the
minimum wage would cause this. Prices of goods and services would increase along with it. However, if
the minimum wage is raised only by a few dollars prices will not raise, and people will be happy.
In conclusion, raising the minimum wage is good for people. Families stuck by poverty will be able
to escape it, businesses will have better quality products, and more people will want to work. Some states
are exceeding the amount set by the federal government and giving people a sustainable life. Increasing
the minimum wage would mean increasing a person’s happiness.
Create a reference section that includes links to
your sources. Be sure to include your sources in
MLA format
• Scott, Robert. “Raising the Minimum Wage: Good for Workers, Businesses ...” Fact Sheet,
https://edlabor.house.gov/imo/media/doc/FactSheet-RaisingTheMinimumWageIsGoodForWorkers,Busines
ses,andTheEconomy-FINAL.pdf.

• Mengle, Rocky. “Is Your Stimulus Check Taxable?” Kiplinger, Kiplinger, 12 Mar. 2021,
https://www.kiplinger.com/taxes/602009/is-your-stimulus-check-taxable-income.

• Corpuz, Victor. “Advantages and Disadvantages of Raising Federal Minimum Wage to $15.” JacksonLewis,
31 Mar. 2021,
https://www.jacksonlewis.com/publication/advantages-and-disadvantages-raising-federal-minimum-wage-1
5.