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This is an argumentative study paper on the minimum wage and its effect on business enterprises. The research subject starts by extensively discussing the problem, addressing meanings and various facets of the topic without taking a position. The second section of the article notes the writer's stance and then moves on to justify the writer's point. For this article, the writer believes that establishing a minimum wage is a bad idea that would damage the country's industries.
The reader is introduced to the definition of the minimum wage in the first part. These include the definition and the various laws and regulations that govern the administration of minimum wage. Current rates of minimum wage in multiple jurisdictions in the country have also been provided because the amounts payable are regulated by not only federal but also state and local laws. Next, the essay discusses effects of minimum wage on different aspects of the economy ranging from employment and entrepreneurs, or business enterprises. The writer makes use of real-life market situations to put across the various arguments.
In the final part of the essay, the writer states their stand affirming that setting the minimum wage is a bad idea that impacts businesses negatively. To support this argument, the researcher has put across various difficulties that business enterprises, particularly the small-sized ones face as a result of increasing minimum wage. Unable to service the escalated operational costs, many end up closing shop or reducing the number of working hours, thereby impacting productivity. In conclusion, the researcher recommends that policymakers should leave the price of labor to be determined by the forces of demand and supply. According to them, this could help salvage the dire conditions faced by entrepreneurs as a result of government-determined minimum wage.
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