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8 Cards in this Set
- Front
- Back
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Salary or wage |
a price in the labor market |
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Labor market |
the market in which labor is traded for wages |
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Minimum wage |
a price floor that makes it illegal for an employer to pay employees less than a certain hourly rate |
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Living wage |
a high minimum wage meant to ensure a reasonable standard of living among full-time workers |
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Financial capital |
saved money that can be invested after borrowing |
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Interest rates |
the “price” of borrowing in the financial market; a rate of return on an investment |
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intertemporal decision making |
deciding when to buy (in contrast to what to buy) |
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Usury laws |
laws that impose an upper limit on the interest rate that lenders can charge |
