Surviving an Unlivable Wage

These flashcards cover key terms and concepts related to living wages, minimum wages, and economic terminology as discussed in the lecture notes.

Living Wage

A theoretical income level that allows individuals or families to afford adequate shelter, food, and other necessities.

Federal Minimum Wage

The lowest wage that employers can legally pay employees in the U.S., currently set at $7.25 per hour.

Tipped Minimum Wage

The minimum wage that employers can pay employees who receive tips, currently set at $2.13 per hour in the U.S.

Minimum Wage vs Living Wage

The distinction between the legally mandated lowest wage and the income necessary for a satisfactory standard of living.

Purchasing Power Parity (PPP)

An imaginary World Bank currency built on the consumption of goods and services, allowing for comparison of living standards between countries.

Global Issue

A problem that transcends national boundaries and requires a coordinated international response, such as living wage concerns.

Decent Standard of Living

The level of income sufficient to provide adequate shelter, food, healthcare, and other necessities for individuals and families.

Labor Participation Rates

The percentage of the working-age population that is either employed or actively seeking employment.

Family with Two Adults

The model used to calculate the living wage, assuming one adult works full-time while the second aligns with national labor participation rates.

Visual Capitalist

A media company that specializes in data visualization and graphics related to business and economics.