The minimum wage is the lowest hourly rate that employers are legally required to pay their workers.
Think of the minimum wage as the "base salary" for entry-level jobs. It ensures that workers receive fair compensation for their time and effort.
Living wage: A higher standard than the minimum wage, representing the income necessary to meet basic needs such as food, housing, and healthcare.
Labor market: The place where workers and employers interact to determine wages and employment levels.
Poverty line: The income threshold below which individuals or families are considered to be living in poverty.
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