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Ivy Tech Community College, Columbus *

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BA4910

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Economics

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Jan 9, 2024

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docx

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Uploaded by AdmiralSheepMaster634

Do you believe that you can live on the living wages in the states and locations that your found and why or why not? I believe that living on a living wage in the states and locations I found would be challenging. The reason is that I would need twice the amount I make in Indiana, Meridian County, to sustain a comparable lifestyle in California, Los Angeles County. The cost of living varies significantly across different regions, with California generally being more expensive than Indiana. Housing, transportation, and other essential expenses are higher in California, making it difficult to make ends meet with a wage earned in a lower-cost area. Therefore, I don't think I could comfortably live on a living wage in all the states and locations I found, as the economic disparities between regions impact one's ability to afford basic necessities. Based on the video and your own personal belief system do you believe that there should be a maximum wage in the market? Why or why not? From my personal belief, I think there should be a consideration for a maximum wage in the market. While I value the principles of a free-market system that rewards hard work and innovation, extreme income inequality can lead to social and economic imbalances. Implementing a maximum wage could help address the growing wealth gap and ensure that resources are distributed more equitably. Such a measure might encourage fairer compensation practices and promote a healthier, more sustainable society where everyone has access to essential needs. Striking a balance between individual success and the well-being of the broader community is essential for fostering a just and inclusive economic environment.

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