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When was the last time a "value" meal from McDonald, let alone any other fast food chain, did not cost five dollars or more? When was the last time premium gas was under a dollar a gallon? It's hard to remember, isn't it?

Wouldn't it be great if everything cost a nickel, like back in the good ol' days?

According to the laws of economics, it's not logical for things

to have gotten more expensive competition should drive prices down. Then

why have prices continued to rise over the years?The continuing demand of

more money for less work has forced Uncle Sam to raise the minimum wage

innumerable times in the last half century, which results in higher prices

for the rest of us. Another raise in the minimum wage would, as all the

others before it, raise prices for consumers, which would again result in

another demand for a raise in the minimum wage. It's a viscous cycle that

must be stopped before it loses control. Not only does a raise in minimum

wage result in a raise in the cost of living, it also causes the dismissal of hardworking people who are happy with their current income. When the firing axe starts to fall, seniority often determines who goes and who

stays. The more a single employee costs a business an hour, the fewer

employees the business can afford to employee an hour. This results in the dismissal of employees to compensate for a raise in labor costs, which

creates a smaller staff, which results in slipshod service. Although most

reasonable people would rather pay more for better service, the plain fact of the matter is that the service hasn't really gotten any better. The

service is better than it was when there weren't enough employees so

people assume the service itself has gotten better, while the truth is

that the service is just as haphazard as before. The laborers are simply

replaced because of a need for more employees, ...

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Keywords: economics, economics for business and management, economics for business and management pdf, economics in one lesson, economics news, economics ia example, economics nobel prize, economics key concepts ib

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