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Our nation's economy is diverse and adaptable because entrepreneurs are always willing to take risks to make money and stay competitive. Entrepreneurs act as the catalysts for the American economy. They take the capital risks to create new products, services, and technologies. The American entrepreneurial spirit to take risks and innovate, in order to make profits, would be greatly harmed because of the high costs to start a new business in a city where a livable wage is present...
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Entrepreneurs will likely be dissuaded into starting business when they have to pay for low skilled employment that is three times more then the federal Mininum wage. For example, some cities with a livable wage also stipulate that businesses in tourist areas have to pay the livable wage like the city of San Francisco (Living Wages: A Report by the Federal Reserve Bank of San Francisco)...
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