Labor Markets and Minimum Wage: Crash Course Economics Video Analysis with Key- This is a 10 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 36 questions based on The Crash Course Economics video: Labor Markets and Minimum Wage.
This assignment will ask students to go to YouTube and watch the Crash Course video: Labor Markets and Minimum Wage. The video will first introduce students to the reasoning behind why professional athletes and engineers get paid high wages, whereas historians and social workers do not- a demand for certain skills and the supply of people with those skills. Other things which influence wages, such as wage discrimination, monopsony (NCAA sports), efficiency wages (offering higher than market value wages), and unions and their collective bargaining power are all covered in the video. The video then proceeds to explain the concept behind minimum wage and the debate that surrounds it. Classical economists argue against minimum wage, they believe it pushed people further into poverty by closing the job market to unskilled workers. More modern economists support a minimum wage since it levels the playing field between employees and employers in wage negotiations. The video concludes by analyzing the debate that surrounds raising the minimum wage and what possible impacts that a rise in minimum wage would have on the economy.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.