Economic Costs and Benefits of Introducing Minimum Wage in a Essay

Economic Costs and Benefits of Introducing Minimum Wage in a Competitive Labour Market - Essay Example Given that the parents are well educated, it is also expected that their children with have the equal opportunity for a good education. Aside from biological and cultural factors, industrialization has been pointed as the main cause of inequality which started between the agriculture and the industrial sectors. Industrialization can lead to a lesser demand for human resources. Therefore, increase in competition among the workers is possible. In line with this, the unequal resources such as the access to education between the rich and the less fortunate people resulted to a wider gap on the distribution of wealth between the two sectors of the society. Using the law of supply and demand, this study will examine the economic costs and benefits of introducing minimum wage within a competitive labor market. Eventually, whether or not there will be any changes in the economic cost and benefit analysis will be answered given that the only employer within the labor market is the monopsony. Minimum wage is referring to the minimum hourly, daily, or monthly wage wherein employers are required to pay the workers in exchange for their service. Specifically, in the UK, the minimum wage is  £5.93 per hour (BBC News 2010). Normally, the government implements the minimum wage law in order to protect the socio-economic welfare of the workers from abusive employers. As a result of implementing a minimum wage law, workers could enjoy the benefit of improving their standard of living by actually removing poverty from the lives of the people (Daniel 2010; Filion 2009). Since employed individuals will be able to receive a minimum wage, these people will be able to enjoy the benefit of spending more money on purchasing their preferred basic commodities which are necessary in order to stimulate the national and international economic growth (Daniel 2010).  

Social Needs of Children and Adolescents Essay Example | Topics and Well Written Essays - 750 words - 1

Social Needs of Children and Adolescents - Essay Example B. According to the social learning theory, children learn the skills of effective communication through their observations of adults around them. The development of communication skills among children is hence, directly related to their parents and the environment in their homes. A happily married couple is likely to give positive vibes and create a positive environment for the child which in turn leads to the development of a strong sense of emotional security in the child, thus ultimately contributing to positive interaction skills among them (Fine & Harvey, 2006). Â  C. Emotional unresponsiveness is the key quality in a family environment that may restrict the development of crucial social development skills among children. Children, who lack emotional support from their parents, tend to lack self-confidence and results in an insecure relationship between the child and the parent. This further creates a high-stress environment in the family, leading to serious negative consequences on the social development of the child (Mash, 2003). Â  D. The adoption and implementation of psychoeducational approach in a classroom help in the development of positive intrapersonal skills development among children (Hunter-Carsch, 2006). One of the most significant aspects of a classroom environment is the one which encourages the children to listen attentively. Since effective listening skills contribute to the development of effective problem-solving skills (Adams, 1994). Â  E. A classroom environment which follows a strictly formal approach while interacting with the students could prove to be detrimental to the achievement and development of effective social skills.