Living Wage: A living wage refers to a higher minimum wage that is calculated based on what it takes for someone to meet their basic needs, such as housing, food, and healthcare.
Labor Market: The labor market refers to the supply and demand for labor in an economy, including factors like wages, employment opportunities, and job skills.
Poverty Line: The poverty line is a threshold set by the government to determine if individuals or families are living in poverty based on their income levels.