MINIMUM WAGE
describes a consumer's desire and willingness to pay a price for a specific good or service.
WAGE
fundamental economic concept that describes the total amount of a specific good or service that is available to consumers
It is determined by the intersection of supply and demand for labor
The fraction of population who are not employed or unemployed during the survey
UNEMPLOYMENT POPULATION
WORKING-AGE POPULATION
the number of people who are either employed or are actively looking for work
Percentage of total workforce who are unemployed and are looking for a paid job
Total population in a region, within a set range of ages, that is considered to be able and likely to work
ACTIVITY RATE
SUPPLY
PARTICIPATION RATE
Percentage of the total labor force that is unemployed but actively seeking employment and willing to work
INACTIVE POPULATION
DEMAND
ACTIVE POPULATION
minimum amount of compensation an employee must receive for performing labor. They are typically established by contract or legislation by the government
Percentage of active persons in relation to the comparable total population
EQUILIBRIUM WAGE
The fraction of a population that is either employed or actively seeking employment
UNEMPLOYMENT RATE
Monetary remuneration computed on hourly, daily, weekly, or piece work basis
