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Minimum Wage And Unemployment Essay

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Introduction
This article I shall discuss the current governments approach to the minimum wage and unemployment. [1]When a person is looking/searching for employment and cannot get it, this is unemployment.[2]Minimum wage is the lowest wage in which a firm/ employer must pay a worker by Law. The introduction to the minimum wage was 1999 and, from then on it has gradually increased every year.
Minimum Wage
[3]Government approach to minimum wage is to increase apprentice wages so that they correspond with the apprentices age, in the first year they will be paid the minimum apprentice wage, the following years this will change in corresponded to their age, so when they hit the age of 18 they will then be paid the NMW. [4] Increasing the minimum …show more content…

[8]By reducing the job seekers allowances from £3,000 this could create an incentive for the people to actively look for work as they may want to live with this cut in the JSA. Although, if you were to decrease their income this would therefore decrease the amount they could spend on their food and clothing. Looking at the indifference curve. The curve itself is not a straight line due to the marginal rate of substitution, so when the consumer has one more unit of goods they then lose one unit of the other good. [9]So looking at the diagram below, if the consumer was to have one more unit of food they would lose out on one unit of clothing. So when the budget of their income is decreased this then shifts I2 to I1, this is because they have less income to spend on clothes and food resulting in less units. Overall, this will lower the peoples utility because they will not be able to consume as many goods as they previously could, therefore affecting the growth and success of the economy in the long

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