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How should minimum wage be determined?
Minimum wage rates are determined by factors such as poverty threshold, prevailing wage rates as determined by the Labor Force Survey, and socio-economic indicators (i.e. inflation, employment figures, Gross Regional Domestic Product, among others), which insures better workers' protection.
How is wage determined?
Market Theory of Wage Determination. Classical economists argue that wages the price of laborer determined (like all prices) by supply and demand. They call this the market theory of wage determination. The most basic of these is the number of workers available (supply) and the number of workers needed (demand).
How are wage rates determined?
Just as in any market, the price of labor, the wage rate, is determined by the intersection of supply and demand. When the supply of labor increases the equilibrium price falls, and when the demand for labor increases the equilibrium price rises.
How is the minimum wage determined?
Minimum wage rates are determined by factors such as poverty threshold, prevailing wage rates as determined by the Labor Force Survey, and socio-economic indicators (i.e. inflation, employment figures, Gross Regional Domestic Product, among others), which insures better workers' protection.
How are wages determined Quizlet?
The rate of pay for a specific job, Determined by 4 factors: Human capital, working conditions, discrimination, and government actions. The lowest legal wage an employer can pay for an hour of work. This is considered a price floor for labor.
Who decides on minimum wage?
The federal minimum wage is regulated by the Fair Labor Standards Act (FLEA) and enforced by the U.S. Department of Labor. Although the federal minimum wage rate is subject to change, it has not increased since 2009. The current federal minimum wage is $7.25 per hour.
How is minimum wage determined?
Minimum wage rates are determined by factors such as poverty threshold, prevailing wage rates as determined by the Labor Force Survey, and socio-economic indicators (i.e. inflation, employment figures, Gross Regional Domestic Product, among others), which insures better workers' protection.
Who decides minimum wage in Canada?
Who Sets The Rate? Under Canada's Constitution, enacting and enforcing labor laws (including minimum wage) rests individually with the ten provinces and three territories. They've got this power by federal legislation. Every year each province and territory reviews its current rate.
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