Teaching PowerPoints
3.5.3 Minimum Wage in the Labour Market (Edexcel A-Level Economics Teaching PowerPoint)
- Level:
- A-Level
- Board:
- Edexcel
Last updated 23 Sept 2023
This teaching powerpoint covers the economics of a Minimum Wage in the Labour Market
A minimum wage is a legally mandated minimum hourly wage that employers must pay their workers. It's a price floor for labour, meaning it's the lowest wage rate that's legally permitted. A minimum wage is intended to protect workers from being exploited by employers, and to ensure that all workers receive a fair wage. However, it can also have unintended consequences. For example, some economists argue that a minimum wage can lead to unemployment, as employers may choose to lay off workers if they are forced to pay them more.
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