Suppose that a 5% increase in the minimum wage causes a 5% reduction in employment. How would this affect employers and how woul
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"<em>Urbanization as more and more people moved to cities to find work. It led to our modern ideas of consumer society, as people were able to begin to choose different brands to buy, based on everything from the price, to quality, to designs, patterns, and colors. Companies began to make different models of things in order to attract more buyers, so it could be seen as the beginning of modern capitalism. It led to an increase in technology, as more and more machines were invented and used to help increase the efficiency at which products were made, leading to lower prices and more availability. Also, it was the first time that a source of power, other than muscles power (human or animal,) was used to create products. It led to a more connected world, as new technology like trains, steam engines, and railroads that were designed to more quickly transport goods, were also used to better connect people. It helped establish the industrialized nations (mainly England and America) as the dominant world powers. It would eventually lead to more rights for workers and the concept of the modern working conditions we have, although at the start this would not have been true. It helped women begin to break the cult of domesticity, as more and more young, unmarried women got jobs.</em>" according to Michael P.
