I, Adam Smith, believe in having and potentially raising the minimum wage as a business owner because it will allow me to give more capital to my employees, which they can then spend on domestic products, thus bettering the overall economy. I have also noticed how important it is to know who our employees are. My overall goal as a business owner is to focus on my self-interest and the self-interest of my employees so that the society will benefit. If I were to focus on the society first, and then what myself and my employees need, there would be a less positive impact on society. I like to call this idea the invisible hand because the government is less involved and I am able to focus on myself. Knowing who my employees are helps me to focus on their self-interest and know what their salary should be. If I pay them well enough they will want to keep working for me, which helps my self-interest, and in turn they will have more money to spend on food, housing, and in the stores. I am able to keep my employees motivated to do a good job in the business because of their higher …show more content…
The first is that the laws of my city will differ from the laws in other countries. So, why focus on the laws of other countries, when the city and country we live in will provide all the benefits we need as a business. Each city and country has their own codes for business standards and the codes are frequently changing. It is in my self-interest to keep my business local so that I do not have to focus on other countries. And also, by knowing the city my business is in, I am able to get to know my consumers and their needs. If my business were far away, I would not have relationships with the consumers, so it would be much harder to understand their needs and wants. Because overall, my main goal is to help my country and my economy by doing what is best for myself and for my local