Economics Week 24 Minimum Wage

Prompt: “Why wouldn’t someone voluntarily offer you a job at twice today’s minimum wage?”

It all depends on the aspiring employees experience and ability. Someone who has been in the industry for a time, knows the ins and outs, has had practice producing, and is capable and reliable has a much better chance at being offered a salary above the minimum wage. Typically minimum wages are for newer employees, employees just starting out who haven’t completely proved themselves to their employer. Once they have proved themselves to be efficient employees they have a chance at getting a raise.

Starting a new employee out with something above the minimum is a risk, the business has no proof that they’ll be a good fit. But if its a specialist, or someone who has proven themselves as a reliable hard worker may have a chance at getting higher pay. The business may actually seek out someone who’s done well in their field and offer them a higher salary before another business scoops them up. Its all just a matter of experience, reputation, and efficiency. The starting salary often reflects an individuals time and effort previously invested into their line of work.

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