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Demonstrate how government wage and price controls, such as rent controls and minimum wage law, create shortages and surpluses.


Focus Question: How do government policies impact shortages and surpluses in the economy?


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rotating gif.gifFor more on minimum wage and living wage, see Economics 3..9


Minimum Wage Laws



Brief History of Minimum Wage Laws from Time Magazine.



Fair Labor Standards Act of 1938: From U.S. Department of Labor
Note: This Pro Minimum Wage article Reflects current Administration thinking.



Multimedia.pngMilton Friedman Opposes Minimum Wage Laws from YouTube


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An article from the University of Texas about how raising the minimum wage would positively effect women of color and the poverty cycle (depicted below)
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Rent Controls


Watch this short video to get a basic understanding of how price ceilings can cause shortages in the housing market.

primary_sources.PNGRent Control In The New Millennium By National Housing Institute (NIH)
Note: The NIH is an advocacy group with a pro-rent control stance. However, the article provides
a good history of Rent Control.
primary_sources.PNGHow Rent Control Drives Out Affordable Housing By Cato Institute

This YouTube video explains the nuances of the rent control debate.