price floors
Legally enforced minimums
A price floor is a minimum price set by law or regulation, below which a good or service cannot legally be sold.
The classic example is minimum wage—a floor on the price of labor.
Agricultural price supports guarantee farmers won't receive below a certain amount.
Price floors typically create surpluses: when prices can't fall to equilibrium, supply exceeds demand.
The government set a price floor on milk to protect dairy farmers.
Lowest lawful hourly rate
- government interventionPublic authority involvement
- regulationOfficial rules governing conduct
- subsidyFinancial assistance from government
- agricultureCultivation of land, livestock
tariff · market control · commodity · surplus · oversupply · producer · consumer · black market
Furnish or stock
- demandForceful request or requirement
- equilibriumState of balance
- elasticityTendency to resume original form
- inefficiencySuboptimal use of resources
resource allocation · economic theory · microeconomics · market failure · scarcity · trade-off · opportunity cost
To uphold or sustain
- foundationUnderlying support structure
- anchoringFastening securely to position
- baselineStandard for comparison
- thresholdPoint of beginning
guarantee · protection · security · sustainability · resilience · stabilization · buffer · safety net
Income covering necessities
- wage gapDisparity in earnings
- poverty lineIncome cutoff marking need
- labor marketEmployment supply and demand
- unemploymentBeing without paid work
underemployment · earnings · compensation · cost of living · collective bargaining · unionization · workforce · job security
minimum wage
Lowest lawful hourly rate
- government interventionPublic authority involvement
- regulationOfficial rules governing conduct
- subsidyFinancial assistance from government
agriculture · tariff · market control · commodity · surplus · oversupply · producer · consumer · black market · shortage
supply
Furnish or stock
- demandForceful request or requirement
- equilibriumState of balance
- elasticityTendency to resume original form
inefficiency · resource allocation · economic theory · microeconomics · market failure · scarcity · trade-off · opportunity cost
support
To uphold or sustain
- foundationUnderlying support structure
- anchoringFastening securely to position
- baselineStandard for comparison
threshold · guarantee · protection · security · sustainability · resilience · stabilization · buffer · safety net · predictability
living wage
Income covering necessities
- wage gapDisparity in earnings
- poverty lineIncome cutoff marking need
- labor marketEmployment supply and demand
unemployment · underemployment · earnings · compensation · cost of living · collective bargaining · unionization · workforce · job security · entry-level
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