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You don’t need to do part 4 I can do that myself. I need you to do the first 3 parts. Use the Docs sheet to answer the questions on. Read the articles to answer those questions.
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Economics Unit 3 Portfolio
Please use this template to turn in your answers for this portfolio. It will be easier to
grade with all of them in one document.
Part 1 the Wall Street Journal CE: Ch 8 Business Organizations. ​(Find article in Unit
3 Lesson 3 Page 2) Read the article and then return here to write your answers to the
questions
1.​ ​ Why is it important for all entrepreneurs to be prepared for changing technology?
(2pts)
2.​ ​How can entrepreneurs avoid getting caught up in the hype surrounding their
product or service? (2pts)
3.​
What other qualities are essential for success as an entrepreneur? (2 pts)

Part 2​ ​Wall Street Journal CE: Chapter 9 Labor ​(find worksheet in Unit 3 Lesson 6
page 2)
1.​ ​Why is employee turnover a problem for business? (2 pts)
2.​
What are some of the strategies companies employ to limit turnover? (2 pts)

Part 3 Wall Street Journal CE: Debate The Minimum Wage ​(find worksheet in Unit 3
Lesson 7 page 2)
1.​ ​How did the minimum wage change in October 196? What other change occurred
in September 1997? (1 pt)
2.​ ​Why was the “blow” of the October 1996 change softer on some employers than it
might have been? (1pt)
3.​ ​What alternatives did some employers use to lessen the impact of the change on
their bottom line? (List at least 3) (1 pt for each)
a.
b.
Debate Activity Sheet (7 pts)
Fill out how each party listed below could be hurt and how they could be helped by an
increase in the minimum wage.
How Are They Affected?
Helped
Young and/ or
Inexperience Workers
Hurt
They will have a harder
time getting entry level
jobs because higher
labor costs means there
will fewer of these jobs.
Older and/or Experienced
Workers
Business Owners
Consumers
The U.S. Economy
There will be increase
productivity because
people tend to work
harder when they are
paid more.
More people might be
out of work because of
fewer jobs.
Part 4 (20 pts)
Write a persuasive answer to the question: ​Should the minimum wage be raised?
Support your answers with details from the ​Wall Street Journal ​Articles, and Chapters 9 and
10 of ​Economics: Principles in Action​, or any other activity from Unit 3. You should have ​at
least three supporting details​ for your argument. Use the Student Self Assessment
Rubric to review your answer. (20 points)
NAME ____________________________________
CLASS – – – – – – – – – – – – –
DATE .,….————–
Debating Current Issues with
THE WALL STREET JOURNAL.
CLASSROOM
EDITION
Unit 2 Debate: The Minimum Wage
This article from the November 20, 1996, Wall Street Journal describes the impact of an
increase in the minimum wage. Read “New Minimum Wage Makes Few Waves,” by
Wall Street Journal Staff Reporter Christina Duff, to learn more about how changes in
the minimum wage affect workers, businesses, consumers, and the U.S. economy.
Before reading the article below, you may want to look up the following terms: assessment, doomsayers, frets, inflationary, mandate, scrutinizing, spiral, and venues.
certainly, there’s no sign of the widespread inflation
WASHINGTON-Businesses have been doing the
minimum-wage shuffle since the 50-cent raise kicked
opponents feared would result. “So far, it’s a nonin on October 1: cutting hours here, boosting prices
event” in the overall economy, says economist Donald
there. But it hasn’t led to the widespread layoffs and
Ratajczak of Georgia State University.
The blow was softer than it might have been on
bankruptcies some foretold.
Before the wage gain became law for some 4
many employers because they already pay more than
million workers, doomsayers warned of a dangerous
the new $4.75-an-hour rate since the labor market is
economic shift. “Somebody’s going to get hurt.
so tight. Hugh Schmidt, a McDonald’s Corporation
franchisee in Vail, Colorado, says he starts workers
Somebody loses a job or somebody closes up shop,”
said Robert Dole, then the Senate majority leader.
at $6.50 an hour and bumps them up to $7 right
The raise “will set off an inflationary spiral that
away because the slopes, hotels, and T-shirt shops all
will tax every American family,” argued Represenvie for the same people.
“Supply and demand mattative Robert Walker (Republiters more than what the minican from Pennsylvania). The
mum-wage mandate is,” he
increase “will lead to a loss
f
h
h
of jobs, hitting hardest at ‘”It’s my ,avorite ypot esis: says.
One reason emp loyers
unskilled workers,” warned Raising the minimum wage
Bruce Josten of the U.S. Chamaren’t cutting jobs is that
ber of Commerce.
they’re instead slashing hours
raises productivity,’ says
This hasn’t happened.
and spreading the same
What has happened, at least Robert]. Gordon, an econoamount of work aro und to
initially, is this: Some employfewer people.
ers are now carefully scrutiniz- mist at Northwestern
Dollar Tree Stores Incorpoing who they hire. Others are
rated gave its middle managers
selectively passing along the University.”
more information about busy
wage increases to consumers,
shopping times so they could
through higher prices on one or
schedule shifts more efficiently.
As a result, Dollar Tree doesn’t have to lay off peotwo items. And still others have scaled back the
ple, but it could still lower its operating expenses to
number of hours scheduled for their lowest-paid
workers rather than laying them off, offsetting the
27.8 percent of sales in the third quarter from 28.8
wage increase with higher productivity.
percent a year ago.
The Labor Department reports that payrolls
The company expects these savings will offset
actually increased in October for general merchanany impact from the fatter paychecks, says H. Ray
dise and department stores, restaurants, and pubsCompton, chief financial officer of the Norfolk, Virginia, variety-store chain.
venues that most often pay the minimum wage. And
6
Unit 2 Debating Current Issues with The Wall Street Journal Classroom Edition
NAME ____________________________________
CLASS – – – – – – – – – – – – –
DATE .,….————-
Debating Current Issues with The Wall Street Journal Classroom Edition
money in their pockets is actually helping business.
Not that spreading the staff more thinly isn’t
“Our employees are our customers. And if employannoying. At Port of Italy, a restaurant in Springees have more buying power, they have more money
field, Virginia, one recent afternoon, owner Gioto spend,” he says.
vanni Coratolo frets because his daytime dishwasher
In Pembroke Pines, Florida, Claire’s Stores
hasn’t shown up. With limited staff in the kitchen as
a result of the wage increase, servers help wash
Incorporated is also finding that paying lower-wage
dishes, and Mr. Coratolo pitches in to mop the floor.
workers more may actually be a business boon. The
increase will cost th e fashion-accessory cha in
But analysts have argued that becoming more
productive-by learning to get
of 1,550 stores as much as
$400,000 a year, says Glenn
more done per hour-is a good
Canary, director of investor
thing for the economy and “The pain many wage-boost
workers in the long run. “It’s my
relations, “a trivial amount of
money.”
favorite hypothesis: Raising the opponents warned about
Balance this out with the
minimum wage raises productivfact that the target customer is
ity,” says Robert J. Gordon, an may still strike in the future.
economist at Northwestern Unia 16-year-old high schoo l
junior who now pockets more
versity, Evanston, Illinois. In the ‘All of the economic~ acadeend, a more-productive workmoney from her part-time job,
p lace creates more jobs and mic research ever done~ on
helping boost Claire’s sales in
raises the standard of living, Mr.
October at stores open at least
raising the minimum wage
Gordon argues.
a year a healthy 7 percent
above the year-earlier period.
Edward R. Tinsley III, presi- says so.,
dent of K-Bob’s steakhouses,
“At worst,” says Mr.
prepared for the wage increase
Canary, the wage increase is
“a wash.”
by raising prices 3 percent to 8
Of course, the pain many wage-boost opponents
percent, including his chicken fried steak to $5.79
from $5.49. And he began giving potential hires
warned about may still strike in the future. “All of the
assessment profiles that are analyzed by a third party
economic, academic research ever done” on raising
to make sure he’s not wasting the extra 50 cents on
the minimum wage says so, according to a spokesman
unreliable help. Figuring that the minimum-wage
for Mr. Josten of the Chamber of Commerce.
The wage floor bumps up again to $5.15 an
increase will cost him about $350,000 a year, Mr.
hour next September. And some states are raising
Tmsley says he “can’t afford to make mistakes.”
their pay floors beyond the federal standard. As a
And at first, it looked as if the higher prices
would backfire, as traffic quickly slowed at his 40
result, Federal Reserve officials generally expect that
restaurants. But maybe the pending election had
the economy will eventually create 100,000 to
patrons sitting on their wallets, Mr. Tinsley figures,
200,000 fewer jobs.
As for inflation, “it’s a little too early for that to
because they’re back ordering beef.
be seen,” says Representative Walker. “Wait until six
And since many of them are in the lower-income
bracket-paying an average of $7.75 a person for
or nine months down the road, when the cycle plays
supper-he thinks maybe the extra minimum-wage
itself out.”
QUESTIONS FOR DISCUSSION
1. How did the minimum wage change in October 1996? What other change occurred in September
1997?
2. Recognizing Cause and Effect Why was the “blow” of the October 1996 change softer on some
employers than it might have been?
3. Identifying Alternatives What alternatives did some employers use to lessen the impact of the change
on their bottom line? (List at least three.)
Unit 2 Debating Current Issues with The Wall Street Journal Classroom Edition
7
NAME ___________________________________
CLASS – – – – – – – –
DATE . , . . . . – – – – – – – –
Debating Current Issues with The Wall Street Journal Classroom Edition
Debate Activity Sheet:
The Impact of Policy Changes
Whenever any policy is changed, different groups of people are affected in different
ways. Who is affected by changes in the federal government’s minimum-wage policy,
and how are they affected? Review the excerpts from the two minimum-wage articles in
the text and “New Minimum Wage Makes Few Waves” (on the previous two pages of
this booklet). Then use this activity sheet to provide at least two examples of how each
of the affected parties is helped as well as hurt by an increase in the minimum wage.
You can use this information to back up your arguments in the debate. We’ve given
you a start with two examples.
How Are They Affected?
Helped
Hurt
Will have a harder time getting
entry-level jobs because of higher
labor costs
Young and/or Inexperienced
Workers
Older and/or Experienced Workers
Business Owners
Consumers
The U.S. Economy
8
Increased productivity
Unit 2 Debating Current Issues with The Wall Street Journal Classroom Edition
NAME – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
CLASS – – – – – – – – – – – – – DATE – – – – – – – – – – – –
Source Articles from
THE WALL STREET JOURNAL.
CLASSROOM
EDITION
Chapter 9 Labor
This article from the May 2005 Wall Street Journal Classroom Edition discusses the
challenges of maintaining a stable and motivated work force. In “Money Isn’t Everything,” Journal reporter Erin White examines how Domino’s Pizza tackles the costly
problem of employee turnover, using better management training and incentives
rather than higher wages.
Before reading the article, you may want to look up the following terms: chronic,
demographics, commissioned, affluent.
When Rob Cecere became regional manager
tactics to retain hourly employees-except paying
for eight Domino’s Pizza stores in New Jersey four
them significantly more. “If we had increased
years ago, his boss gave him a mission: slow down
everybody’s pay 20%, could we have moved the
turnover.
needle a little bit to buy a little loyalty? Maybe, but
Store managers in the
that’s not a long-term soluregion were leaving every
tion,” says Domino’s Chief
three to six months. Without a “He says that while pay is a
Executive Officer David A.
steady boss, workers there
Brandon.
who answered phones, made factor, “you can’t overcome a
He says that while pay is a
pizzas and delivered orders
factor,
“you can’t overcome a
bad culture by paying people
had a turnover rate as high as
bad culture by paying people a
300% a year.
few bucks more.” He believes
a few bucks more.” He
Turnover is a chronic and
the way to attack turnover is
costly headache for fast-food believes the way to attack
by focusing on store manbusinesses, which rely on an
agers-hiring more selectively,
army of low-paid workers. A turnover is by focusing on
coaching them on how to creharsh boss, a mean colleague,
ate
better workplaces, and
store managers-hiring more
or a boring day can cause
motivating them with the
workers who earn around the selectively, coaching them on
promise of stock options and
minimum wage-which is
promotions.
$5.15 an hour nationally but how to create better workHigh turnover hurts the
slightly higher in some
bottom line. It costs money to
states-to quit for similar pay places, and motivating them
recruit, hire and train people,
elsewhere. Average turnover
and
undercuts service when
with the promise of stock
for most large and midsize
inexperienced employees don’t
companies is about 10% to options and promotions.”
work as efficiently.
15%. But at fast-food chains,
Domino’s turnover crurates as high as 200% a year
sade started in 1999 when Mr.
for hourly workers aren’t
Brandon was named CEO. His
unusual.
first day at Domino ‘s, he asked about the comSome companies are tackling the problem with
pany’s turnover rate. He was told it was 158%.
a higher starting wage. But Domino’s has a differ”Honest to God, I almost fainted,” he says.
ent view. The company is willing to try all sorts of
Mr. Brandon vowed to change things. He com24
Chapter 9 Source Articles from The Wall Street Journal Classroom Edition
NAME ————————————
CLASS – – – – – – – – – – – – – – DATE – – – – – – – – – – – –
Source Articles from The Wall Street Journal Classroom Edition
missioned research that showed the most important
and how long it’s taking to get a pizza out the door.
facror in a store’s success wasn’t neighborhood
Better financial incentives helped, roo . Mr.
Brandon introduced a program that grants stock
demographics, packaging or marketing, but the
quality of its store manager. “When that position is
options to about 15% of store managers, based on
turning over at a high rate, the
criteria such as sales growth
ripp le effect of that is enorand customer service. This is
mous, ” he says.
(‘H oping to pick better man- in addition to profit-linked
His strategy seems to be
bonuses that Domino ‘s
working. By last year, the com- agers~ Domino’s implemented already had. Today store manpany’s overall turnover had
agers’ base salaries start at
a new test. Those seeking
declined to 107%.
about $32,000.
Domino ‘s has about
When Mr. Cecere was
15,000 employees; another promotion to that job have
promoted to regional manager
for eight Domino’s stores in
135,000 work at irs fran- to take a 30-minute online
chisees. Many are partNew Jersey in 2001, he says
his boss told him: “Once you
timers-students or wo rkers evaluation of their financial
get some stability in the manwith other jobs who need extra
income and a flexible schedule. skills and management style.
agement ranks here, these
stores will do much better.”
Store managers oversee people
in three entry positions: assis- Do they understand terms
Mr. Cecere, a 14-year
Domino’s veteran who started
rant managers (who earn about such as ((break even, and
as a driver after high school
$8 to $10 an hour}; those who
and continued working at the
answer phones (and earn an “cash flow?’~ H ow would
average of $6.15 an hour); and
company through college,
drivers, most of whom make they manage a poorly
knew improveme nts were
minimum wage. Drivers, who
needed. His stores were averprovide their own cars and gas, performing employee? Canaging $8,500 each in sales a
week, about $3,000 less than
also get tips and an 82 -cenr didates then receive training
reimbursement for each trip
the chain’s current average.
He gathered his managers
they make. All the employees on their weak points.”
together and gave a pep talk.
make the food, including man”How do we get to $15,000?
agers and drivers.
How do we get to $20,000?
Workers spend their first
30 days training, learning everything from how to
Where do you start from?” he recalls saying. “It’s
hand-stretch dough to how many pepperonis to pu t
got to start with people. We’ve got to hire people
and keep people.”
on a large pie (at least 48) . To earn a pin designating them a “qualified pizza maker” they must be
He wants people like George Escobar. In
able to make a pizza in under a minute.
August, Mr. Cecere promoted Mr. Escobar to manager of a Domino’s in affluent Ramsey, N .J. Local
Hoping to pick better managers, Domino’s
teens shun low-paying jobs because their parents
implemented a new test. Those seeking promotion
to that job have to take a 30-minute online evaluapay more in allowance, Mr. Escobar says, and he
tion of their financial skills and management style.
quickly realized he couldn’t afford to lose current
Do they understand terms such as “break even”
employees.
Seeking a way to discipline employees without
and “cash flow?” H ow would they manage a
poorly performing employee? Candidates then
alienating them, Mr. Escobar bought a pair of
receive training on their weak points.
dopey- looking, oversize black-framed glasses.
To help managers keep track of their best and
They’re called the “mistake glasses” and workers
worst performers, Domino’s rolled out a new inhave to wear them when they make errors. The
store computer system. The screens, which everyjoke is that if you couldn’t see what an obvious misone in the store can see, constantly update statistics
take yo u were making, yo u need glasses. “You
such as the average order size for each employee
want to make it like a fun environment but at the
Chapter 9 Source Articles from The Wall Street Journal Classroom Edition
25
NAME – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
CLASS – – – – – – – – – – – – – DATE – – – – – – – – – – – –
Source Artic les from The Wall Street Journal Classroom Edition
same time, you get your point across,” Mr. Escobar
stores, he says, are
says.
On a recent busy Friday
night, Mr. Escobar was train- “Often he gives commoning a new driver and was short
two phone-answerers. Just as sense advice: treat people
the dinner rush began, a new,
38-year-old driver flubbed: He respectfully~ be polite and
forgot a pizza. Another driver
had to take it out. ” I’m going patient. He hammers home
to let you go this time, but
that it’s not the pay that
next time, you’ve got to wear
the glasses,” Mr. Escobar told makes employees stick
the man, in a friendly, firm
tone. The new driver nodded.
around~ it’s their relationship
Mr. Cecere, 31, coaches
his managers constantly. His with their manager.”
now averaging sales of about
$20,000 each week, up from
$8,500 four years ago. Often
he gives common-sense advice:
treat people respectfully, be
polite and patient. He hammers home that it’s not the pay
that makes employees stick
around, it’s their relationship
with their manager. “They can
go to McDonald’s and make
that, they can go to Pizza
Hut,” he says. “You’ve got to
make sure they are happy to
come to work for you.”
QUESTIONS FOR DISCUSSION
1. Why is employee turnover a problem for a business?
2. What are some of the strategies companies employ to limit turnover?
3. How does a bus …
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