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Chapter 1 What Is A Minimum Wage 1 1 Definition And Purpose

The lowest wage that an employer is allowed to pay. The concept of a minimum wage grew out of arbitration boards set up to settle wage disputes before strikes became necessary. As a price floor it establishes the lowest legal wage that workers can accept to sell their labor or equivalently the lowest wage that employers may offermost countries had introduced minimum wage legislation by the end of the 20th century.
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Minimum wage used as a noun is very rare.

Minimum wage california 2020 riverside county. The minimum wage is a legally mandated price floor on hourly wages below which non. Elementary supply and demand models show that there are welfare and employment losses from. Minimum wage definition a minimum wage is the lowest legal amount an employer can pay an employee.

What does minimum wage mean. A minimum wage is a type of price control set on wages. A minimum wage is the lowest wage per hour that a worker may be paid as mandated by federal law.

The majority of countries across the world have some form of minimum wage legislation in place. The smallest amount of money that employers are legally allowed to pay someone who works for. Minimum wage noun the noun minimum wage has 1 sense.

Determined by contract or by law familiarity information.

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Minimum wage used as a noun is very rare.

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