Fast Food Workers across the U.S. are striking as they believe they are not being paid their fair share. They are demanding higher pay!! What they consider a Fair Wage? Will they get it? How will it impact the economy?
Read the article and watch the video below and answer the following question:
1- How do the wages that fast food workers receive affect their standard of living? Give two pieces of supporting evidence.
2- What is it that is driving up wages?
3- How will such low wages impact the distribution of income in the United States?
4- This is a hot topic! What is your opinion of higher wages for these fast food workers? Explain your answer.
5- Macro: How will the economy be impacted by trade unions pushing up wages? Explain. Draw an AD/ AS diagram to support your answer. What problems will arise from such a change?
6- HL Only: Demonstrate the impact such increases in wages will have on firms? Use a Theory of the firm diagram to support your answer.
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