Living Wage Paper! (help me!!!)?

Question

What you need to do is to explain the pros and cons of the living wage for each of the four major players:

Households

Business

Government

Foreign Sector

and the three markets:

Product

Resource

Capital

I really need help!

if nothing else websites and articles would be great!

Answer 1

hehe im working on the same paper right now

exactly 1 hour left and about 1500 words to go

if only i understood it...

Answer 2

Households: for the ones who receive the living wage, huge pro, I'm assuming that it will be eased into gradually to reduce unemployment, slight con for all households in the form of higher prices

Business: con because they have to pay higher wages

Government: pro, higher taxes

Foreign sector: pro, because it makes US labor more expensive and their products more attractive

Product: prices will go up, but there will also be more demand from the people with higher wages

Resource: the price of labor will increase

Capital: MPL/MPK=P(L)/P(K), if the price of labor increases, the firm must either employ more capital or use less labor