Term
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Definition
| a wage sufficient to keep a family out of poverty |
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Term
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Definition
| Less paid individuals put forth less of an effort meaning less production. |
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Term
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Definition
| No substitutes therefore any increase is an increase for the business to the workers. |
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Term
| The Macroeconomic Argument |
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Definition
| An increase in minimum wage means the firm saves less meaning more growth in the economy. |
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Term
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Definition
| minimum wage stayed the same at like 5.75 |
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Term
| A relevant versus an irrelevant minimum wage |
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Definition
| even though businesses have to pay higher wages the output of extra labors will generate additional revenue. Until the wage is set above the equilibrium wage rate than the minimum wage is irrelevant. |
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Term
| Alternatives to the Minimum Wage |
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Definition
| an Earned Income Tax Credit eligible up to 4,824 in a tax refund. |
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