Minimum wage
Definition
A minimum wage is a legally enforceable government-imposed lower bound on the wage that can be paid to a worker. It thus acts as a price floor in the labor market. Minimum wages are usually specified for work per unit time.
A minimum wage is a legally enforceable government-imposed lower bound on the wage that can be paid to a worker. It thus acts as a price floor in the labor market. Minimum wages are usually specified for work per unit time.