Shift of Supply and Demand and the Implications of Raising the Minimum Wage

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Russia's war in Ukraine has triggered demand and supply shifts for mainstream commodities and prompted ripple effects in workplaces. These nations are vital producers and exporters of critical commodities, including wheat, gas, and fertilizer. The war has compelled expenditure cutbacks and increased demands for such commodities compared to their availability in the market. As a result, the prices for food commodities, raw materials, and energy are constantly skyrocketing to record-high thresholds. This incident has caused fluctuations in demand and supply, leading to inflation. In this context, inflation is expected to remain high for extended timescales (KPMG, 2022).
Accordingly, the Covid-19 crisis created shifts in the demand and supply of workers in the tourism sectors. As the influx of tourists dropped due to Covid-19 restrictions, many workers left the tourism industry and are yet to return as they got employment with higher remunerations and security elsewhere. Secondly, there is a decreased interest in educational programs linked to tourism and hospitality as learners likewise exercise caution concerning work security and prefer working in relatively stable sectors (Plzáková & Smeral, 2022). Most hotels in my neighborhood are constantly making adverts for various vacancies, demonstrating the high d...