Refer to the PowerPoint slide showing the slope of demand and supply curve of Beef Burritos and salsa burritos
NB: Refer to the PowerPoint slide showing the slope of demand and supply curve of Beef Burritos and salsa burritos in figure 1.0 (beef burritos) and figure 1.2 (salsa burritos) illustrating the market equilibrium.
The government has played a significant role in economic development by initiating basic laws that restrict firms from misusing their rights; a good example is the introduction of wages. The government sets a margin that sees labor equitably distributed, depending on the workforce.
In my course of study, I researched the labor workforce in restaurants in Calgary, Alberta, under the age of 18 years. The findings were as follows;
- The government department in Alberta supervising the age threshold for young workers laws state that both adolescent (age 12 to 15 years) and a young person (age 15 to 18 years) workers are entitled to a minimum wage of $9.95 per hour in Alberta, section 9 of the Alberta Employment Standards Regulation.
- The student staff (young person) will only be available for a limited amount of time, from 9:00 pm to 12:00 am (3 hours), as stated in the standard regulation.
Referring to the PowerPoint slide show, the model graph (1.2) indicates the labor equilibrium curve of the supply and demand for labor in the labor market.