5. Explain how the change in minimum wage will affect America’s competitiveness in the Global economy. (VC3, EQS6)

The minimum wage disrupts the normal relationship between supply and demand which results in inadequate labour ratios and consequently rising unemployment.

Explanation:

Cost of labour have become an important factor which affects economic competitiveness mostly at the macro and micro economic layers.

Existing administrative arrangements, particularly minimum wage level and average wage ratio, are one of the limitations that needs to be taken into consideration when analysing labour costs.

In the US Senate a drastic 40 percent increase was voted to raise the federal minimum wage from $5.15 to $7.25 for two years.

On 1 January California will increase the minimum wage rate by $1 ($12.00 an hour for workers with or without a 25 and $13.00 an hour for employers with a 26 or more employees), whereas in Washington it will continue at the highest government level of $13.50 an hour.

Many states continue to earn at the bottom of the spectrum; many states have faster federal wage levels, and others have a higher increase. Georgia and Wyoming have the lowest minimum wage level at $5.15. However, many employers and employees would have been subject to the higher federal minimum wage rate of $7.25 per hour.

sound is invisible, but sometimes we can feel it. when a kettle-drum is thumped with a stick that time the tight drum skin moving up and down very quickly for some time and then it pumped sound waves into the air. loudspeakers also work in a similar manner.

components of a speaker:

electromagnet

in order to translate an electrical signal into an audible sound, an electromagnet is used in looudspeakers

  suspension

suspension is used to   center the voice coil in the gap of the magnet and it exerts a restoring force to keep it there. suspension is used to limits the maximum mechanical excursion of the diaphragm and voice coil.

voice coil

voice coil is a coil of wire which is attached to the apex of a loudspeaker cone. it provides the motive force to the cone by the reaction of a magnetic field to the current passing through it.

cone

in a   loudspeaker, a   thin, semi-rigid membrane attached to the voice coil, which moves in a magnetic gap due to which it vibrates   and produced sound. it is known as diaphragm and it can also be called a cone, though not all speaker diaphragms are cone-shaped.

surround

surround is also known as front suspension. surround is used to join the cone to the chassis. together with the suspension it controls the cone excursion, and it is also used to   determine how energy which is   travelling through the cone is absorbed, and how the speaker limits when it reaches the ends of its travel.

dustcap

dustcap is used to protect the voice coil from dust and dirt. it is a part of the cone.

how speaker work

the outer part of the cone is fastened to the outer part of the loudspeaker's circular metal rim. the inner part is fixed to   voice coil that sits just in front of a permanent magnet . when loudspeaker is hooked up to a stereo, electrical signals feed through the speaker cables into the coil. it will convert the coil into an electromagnet magnet . when electricity flows back and forth in the cables, the electromagnet either repels or attract the permanent magnet. this moves the coil back and forth, and it pull and push the loudspeaker cone. like a drum skin vibrating back and forth, the moving cone pumps sounds out into the air.in this way loudspeakers works.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.