Minimum Wage

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The minimum pay a worker can be paid in the United States or anywhere else in the world. It is expressed in monetary units per hour (eg. an employee may not be paid less than 6 dollars/yen/pounds, etc. per hour of work). Each country can set its own minimum wage laws and regulations.

Significant effects/implications:

  • cost of basic goods and services - much of the cost is labor
  • union wages - many Labor Union contracts are based on a fixed percentage or dollar amount above the minimum wage
  • possible increased unemployment for low wage earners