Minimum wage is not something new and there are many countries that have it implemented. For example, countries like the United States and Australia. This paper will be looking at the implementation of minimum wages in Singapore. With the labour market being the market, quantity of labour being goods and services and wages being price. It will also analyse how these decisions and behaviours will affect the quantity supplied and quantity demanded.
A graph will be included to show the relationship between the quantity of labour and wage. From the graph, unemployment, free market wage (equilibrium) and minimum wage will be analysed and explained. At the end, a conclusion will be made to conclude whether the implementation of minimum wages in Singapore is a good or bad idea. Relate and analyse current events to basic principles of microeconomics.
Relate to theories learned in this course. Opportunity to realize, reflect, and explain the economics that exist all around us. Include a graph used as an explanatory tool of the economic principle presented. https://sg. news. yahoo. com/singapore-sets-basic-wage-of-s-1-000-for-cleaners-105754101. html https://sg. news. yahoo. com/why-implementing-minimum-wage-singapore-080211161. html.