Minimum Wage

      I support minimum wage because it helps ensure a quality of life for Americans who are in poverty. By existing, minimum wage can end up cutting the amount of jobs a business can offer, but it does help keep up production no matter how much people oppose it. It does this by helping keep up workers motivation. If workers worked for any less then the current wage its undeniable that people would be beyond upset and in poverty. minimum wage helps keep Americans alive, even with how little it is. I feel that the minimum wage should be raised. Yes it will cut down on production, but we already have a surplus as it is so that should help some businesses with the raise. It shouldn't necessarily be raised to $10/hour but i think it should be raised because it would help support so many more Americans. But is we did raise it we would have to help support it with other price controls to maintain a healthy, growing economy.

Price Floors

     I definitely support price floors because they help produce an overall more wealthy economy. In a situation where a price floor would be put into effect a surplus would be a result. In my opinion a surplus is better then a shortage and produces an environment where economic growth is more of a possibility than an environment where there is a shortage. However floors do have their downfalls and can affect production, but I feel that overall floors have more benefits when they are put into place in a controlled environment.

Price Ceilings

     I oppose the idea the price ceilings have a place in our economy. I feel this way because price ceilings produce shortages and make it difficult to produce in the long run. I believe that in special circumstances a price ceiling may be the answer, but those times are extremely rare in my opinion. Price ceilings may be a short term fix that exist for a short period of time, but in the long run they over all cause more harm than they help.

Supply Wrap Up

Demand Wrap-up

Inelastic and Elastic Demand

Demand Wrap Up

Inelastic Demand

           Inelastic demand is when a good or service is needed, and obtained by consumers with little attention payed for the good. So basically, the supply and demand are hardly affected by the price. I have experienced this sort of demand in my life through my dads Business. My Dad is a Site Core Developer now but before he was trained three years ago to be specialized in this field he was a normal run of the mill developer and computer engineer. His job used to be very generalized and there were a lot of people that could do what he did so his business was elastic because there were many substitutes to his work. Once he became specialized with Site Core and started his own business I experienced how inelastic demand worked. My dad was able to charge more for his services because his services were required by a lot of large businesses and it was a specialized field. What makes this inelastic is that the supply and demand of his service was hardly affected by the price of his service. 

       I have been able to connect to both elastic and inelastic demand because I experienced how it can affect a business and income of a family. What are other ways that are less complicated then this that are good examples to use to try and explain this to people? And how can people relate with it when they haven't seen it from the side of the supplier?