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Hong Kong shouldn't increase the minimum wage? - Coggle Diagram
Hong Kong shouldn't increase the minimum wage?
Don't Increase
Negative
minimum standard of living
hour of labor
efficient wage effect
Positive
Amount of people getting into poverty
rate of unenployment
basic standard needs
benefits to firms
Supply and Demand for Labour much more balanced
poor people gets benifited
Increase
Positive
benefits to firms
benefits to low wage workers
efficiency wage effect
better demand from firms of worker because workers work better
Negative
lower rate of employment
price increase
high job loss
more demand for social housing
Supply and Demand for Labour Unbalanced
Black market/ rate of Black market increasing
A minimum wage may increase the number of people working on the black market so firms can avoid paying the legal minimum.
diagram and explanation
Structure of writing
terminology
Economic Agents
Firms
Government
Households
Minimum Wage .
Supply and Demand .
Efficiency Wage Effect .
Unemplopyment .
Surplus .
Intergenerational Poverty
Income Inequality