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| − | A '''wage''' is an amount of [[money]] to be paid for a job. There is usually a correlation between the wage paid and the experience of the person to do the job and the level of skill necessary for the job.
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| − | 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).
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| − | ==See Also==
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| − | * [[Minimum wage]]
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| − | * [[Maximum wage]]
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| − | [[Category:Economics]]
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