Critical Thinking Assignment: Government Policies and Economic Markets
For this Critical Thinking assignment, you will look at how government policies affect markets. You will have the choice of either picking a relatively short article on government policy or focusing specifically on how minimum wage laws affect labor markets. You will want to spend the bulk of your time understanding the policy you choose and how it affects supply and demand. Whether you pick your own article or focus on the minimum wage, you will want to conduct additional research to gain information that will help you understand the theories and jargon associated with the topic that we might not have covered in class yet.
Option:
From an economic standpoint, evaluate the effect of a minimum wage on the market for low-wage labor. Include the following:
- Discuss what economic theory predicts will happen
- Draw a supply and demand graph illustrating the effect of a minimum wage
- Discuss what elasticity conditions would economic theory prove to be true or false.
Adhere to the following standards:
- Your paper should be three to five pages in length, not including the title or references pages.
- Review the grading rubric, which may be found in the Week 8 folder.
- Be sure to follow theCSU-Global Guide to Writing and APA Requirements.
- Your paper should include an introduction, a body with at least two fully developed paragraphs, and a conclusion.