The economy and its impact on society has always been a topic of study throughout the development of humanity. Due to extensive technological, intellectual and political advances, but also the exploitation of natural resources, especially in the last three centuries, some regulatory measures have been established to maintain the balance between economic and social changes. The link between economy and society is so responsive to changes that every action in either will have an implication in the other. As an example of the previously mentioned regulatory policies and their consequences on the population, minimum prices, such as the minimum wage, function as determinants in work activities and business planning. Although minimum wage laws theoretically seek “a level of economic equality, rather than having large numbers of underpaid or poor citizens” (Vitez), the base wage results in a surplus of labor and thus unemployment. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay When there is an increase in minimum prices, such as an increase in the minimum wage, the unemployed population tends to start applying for job opportunities and the employed population is inclined to look for a salary increase or employment better paid. This is in response to the distortion of the labor market caused by the shift in its equilibrium, which implies a possible increase in people's willingness to work; consequently there will be a surplus of work. Given the increase in the minimum wage, small business employers “must hire fewer employees or downsize staff to comply with the minimum wage law, which directly impacts unemployment rates” (Owen). In theory, if an expansion of the workforce occurs, companies must have more choices to recruit from the labor market, which presupposes the opportunity to hire more experienced staff. On the other hand, as E. Owen states, job opportunities will decrease to counteract and balance the marginal cost for businesses that an increase in wages implies, which leads to an increase in unemployment. “Employers prefer to hire talented young people rather than less qualified adults” (Garthwaite). In these circumstances, not only are fewer people hired, but a company's current employers may also be fired if they do not meet the skill requirements. The labor market opens up a substitution space where unskilled or less skilled workers are replaced by highly skilled people in view of the industries need to optimize the predetermined budget of their workforce. Additionally, some workers pursuing a higher wage may end up leaving their jobs, but remain jobless due to low demand for employees. As demand for labor contracts and labor surplus occurs, the difference between employers in demand before the wage increase and current employers after the increase results in the total new people classified as “unemployed”. Some might argue, like Aaron Pacitti, associate professor of economics at Siena College, that “businesses can offset rising labor costs by raising prices.” This solution seems reasonable and perhaps could be a possible solution for specific market cases. However, in general, an increase in product prices will result in a decrease in quantity demanded. As the price of a product increases, consumers may be more likely to purchase a substitute..