The chancellor said employers would be forced to pay staff a minimum of £7.20 an hour from next April 2016, and raise wages by 6% a year on average to around £9 an hour by the end of the year 2020.
1. How this changes in the minimum wage, could possibly affect the unemployment rate?
2. What will be the macroeconomic effects, of minimum wage change in the economy?
You should answer the question in report form in maximum 1500 Words with introduction, main body and conclusion.
Constructive critical analysis, introduction, conclusion Demonstration of a clear understanding of the issues. Use of academic models. Clear focused understanding of a topic. Critical analysis is an important test of the student's ability to evaluate business economics concepts. Introductions and conclusions should briefly address the issues to be discussed and discussed respectively.