Standard of livingStandard of living is the level of income, comforts and services available to an individual, community or society. A contributing factor to an individual's quality of life, standard of living is generally concerned with objective metrics outside an individual's personal control, such as economic, societal, political, and environmental matters. Individuals or groups use the standard of living to evaluate where to live in the world, or when assessing the success of society.
Minimum wageLowest remuneration which can be paid legally in a state for workingA minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century.
Family wageA family wage is a wage that is sufficient to raise a family. This contrasts with a living wage, which is generally taken to mean a wage sufficient for a single individual to live on, but not necessarily sufficient to also support a family. HistoryUnited StatesCharles Krauthammer has said there should be a two-tiered system where breadwinners have a higher minimum wage.
Price floorA price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service. It is one type of price support; other types include supply regulation and guarantee government purchase price. A price floor must be higher than the equilibrium price in order to be effective.
EconomicsSocial science studying goods and servicesEuro coinsEconomics () is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions.
Reservation wageIn labor economics, the reservation wage is the lowest wage rate at which a worker would be willing to accept a particular type of job. This wage is a theoretical representation of the hourly rate at which an individual values their own leisure time. A job offer involving the same type of work and the same working conditions, but at a lower wage rate, would be rejected by the worker.IncomeIncome is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law.
Quality of lifeQuality of life (QOL) is defined by the World Health Organization as "an individual's perception of their position in life in the context of the culture and value systems in which they live and in relation to their goals, expectations, standards and concerns". Standard indicators of the quality of life include wealth, employment, the environment, physical and mental health, education, recreation and leisure time, social belonging, safety, security and freedom.Price discoveryIn economics and finance, the price discovery process (also called price discovery mechanism) is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers. OverviewPrice discovery is different from valuation. The price discovery process involves buyers and sellers arriving at a transaction price for a specific item at a given time.
SubsidyA subsidy, subvention or government incentive is a type of government expenditure which redistributes from tax payers to individuals, households, or businesses. Subsidies take various forms, such as direct government expenditures, tax incentives, soft loans, price support, and government provision of goods and services.
MunicipalityA municipality is usually a single administrative division having corporate status and powers of self-government or jurisdiction as granted by national and regional laws to which it is subordinate. The term municipality may also mean the governing body of a given municipality. A municipality is a general-purpose administrative subdivision, as opposed to a special-purpose district.
Workforce productivityWorkforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure. Workforce productivity, often referred to as labor productivity, is a measure for an organisation or company, a process, an industry, or a country.*As an Amazon Associate I earn from qualifying purchases.