1.

Rise in Minimum Wage Leads to Job Losses, Study Finds Source:

https://www.foxbusiness.com/economy/rise-in-minimum-wage-leads-to-job-

losses-study-finds

Commentary: This news article reflects the concept of the law of demand in

Microeconomics, which states that as the price of a good (in this case, labor)

increases, the quantity demanded will decrease. The study found that the rise

in minimum wage caused a decrease in employment opportunities for low-

skilled workers, as businesses had to cut costs to accommodate the higher

wage expenses. This highlights the trade-off between wage increases and

employment levels, and serves as an example of how real-world economic

policies can have unintended consequences.

1. Record Breaking Sales for Tesla's Electric Cars Source:

https://www.cnbc.com/2023/02/06/tesla-posts-record-breaking-sales-for-its-

electric-cars.html

Commentary: This news highlights the concept of price elasticity of demand in

Microeconomics, which measures how sensitive consumers are to changes in

price. The record breaking sales for Tesla's electric cars indicate that despite

their relatively high price compared to traditional gasoline-powered cars,

there is still strong demand for them. This could be due to a variety of factors

such as increasing environmental concerns and advancements in electric car

 technology. The success of Tesla's electric cars also highlights the importance

of innovation in shaping consumer behavior and market trends.

1. Increase in Online Shopping Leads to Decrease in Foot Traffic for Traditional

Retail Stores Source: https://www.reuters.com/business/retail-online/increase-

online-shopping-leads-decrease-foot-traffic-traditional-retail-stores-2023-02-

06

Commentary: This news reflects the concept of market structure in

Microeconomics, specifically the shift from monopolistic competition to pure

competition. The increase in online shopping has led to a decrease in foot

traffic for traditional retail stores, as consumers are opting for the convenience

and price competitiveness of e-commerce websites. This represents a

fundamental change in the retail industry, as brick-and-mortar stores have to

adapt to compete with the growing online market. This serves as a reminder

of how market structure can change and evolve over time in response to

consumer preferences and technological advancements