Minimum Wage

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10 Terms

1
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Minimum wage is an example

of a price floor

2
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Minimum wage affects only

low skilled workers

3
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The amount the employers pays the worker

reflects the productivity of the worker

4
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The productivity of the worker

sets the maximum the employer will pay

5
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Minimum wage causes

unemployment among low skilled workers

6
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Some workers lose jobs

some works get higher wages

7
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Economists see

minimum wage as worker vs worker

8
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As a result, employers expect

a higher quality worker and therefore work their workers harder

9
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Minimum wage benefits

employers and people with privilege

10
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Minimum wage redistributes

income from lower income families to higher income families