Shift of Supply and Demand and the Implications of Raising the Minimum Wage
In 2020, we scrambled for hand sanitizer and toilet paper. Store shelves were empty, and the internet was offering scarce goods for a premium. 2021 saw local restaurants looking to fully reopen but having difficulty finding workers. Supplies were still scarce. 2022 ushered in a war in Europe and inflation. This is supply and demand in action.
Based on your research, discuss how the pandemic, war, and inflation triggered supply and demand shifts in your workplace, community, or home. Be sure to include price implications in your post. (Research Support Required)
Also answer the following question:
Does Raising the Minimum Wage Increase Inflation?
Based on research, explain the implications of raising the minimum wage from the point of view of stakeholders: the worker, business, consumer, and government. Provide an impartial research-supported presentation. (Research Support Required)
This post should be 4 paragraphs total. 2 paragraphs on how the pandemic, war, and inflation affected supply and demand. 2 paragraphs on how raising minimum wage affects stakeholders. (roughly 250-300 words total). Since you are engaging in research, cite in the body of the post and add a reference list in APA format.
Module 1 Discussion Post
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Russia's war in Ukraine has triggered demand and supply shifts for mainstream commodities and prompted ripple effects in workplaces. These nations are vital producers and exporters of critical commodities, including wheat, gas, and fertilizer. The war has compelled expenditure cutbacks and increased demands for such commodities compared to their availability in the market. As a result, the prices for food commodities, raw materials, and energy are constantly skyrocketing to record-high thresholds. This incident has caused fluctuations in demand and supply, leading to inflation. In this context, inflation is expected to remain high for extended timescales (KPMG, 2022).
Accordingly, the Covid-19 crisis created shifts in the demand and supply of workers in the tourism sectors. As the influx of tourists dropped due to Covid-19 restrictions, many workers left the tourism industry and are yet to return as they got employment with higher remunerations and security elsewhere. Secondly, there is a decreased interest in educational programs linked to tourism and hospitality as learners likewise exercise caution concerning work security and prefer working in relatively stable sectors (Plzáková & Smeral, 2022). Most hotels in my neighborhood are constantly making adverts for various vacancies, demonstrating the high d...