Micro Ch_4 Price Controls Vocab Flashcards

Front

Interest rate

Back

The "price" of borrowing in the financial market (borrower); a rate of return on an investment (lender).

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Living wage

Back

A minimum wage that is set high enough to maintain a normal standard of living.

Front

Minimum wage

Back

A price floor that makes it illegal for an employer to pay employees less than a certain hourly rate.

Front

Universal Basic Income (UBI)

Back

A government program in which every adult citizen receives a set amount of money regularly.

Front

Usury laws

Back

Laws that impose an upper limit on the interest rate that lenders can charge.