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Most countries have a minimum wage. The minimum wage in the United states was most recently raised to $7.25/hr, on July 24, 2009. At this rate, a person working a 40-hour week for 52 weeks a year at minimum wage earns $15,080.00 for the year. The minimum wage is higher in many states, such as [[New Jersey]], due to state minimum wage laws.
Most countries have a minimum wage. The minimum wage in the United states was most recently raised to $7.25/hr, on July 24, 2009. At this rate, a person working a 40-hour week for 52 weeks a year at minimum wage earns $15,080.00 for the year. The minimum wage is higher in many states, such as [[New Jersey]], due to state minimum wage laws.
Like all market forces, wages are payed based on interactions between the supply curve (how much workers are willing to supply a particular type of labor at a certain wage) and a demand curve (how many workers of a particular type a firm is willing to hire at a particular wage). Wages are typically set at [equilibrium]. If a minimum wage is imposed that is above this equilibrium, it leads to structural [unemployment]. If a minimum wage is set below the equilibrium point, it is unlikely to affect that jobs wage unless a complement or substitute job's equilibrium wage is less than the minimum wage (causing ripple effects throughout the related markets).
==Political views==
==Political views==