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What is meant by minimum wage?
The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of supply and demand in a free market. In most cases, the minimum wage acts as a price floor. Every country sets its own minimum wage laws and regulations, and most of the countries have no minimum wage.
If the Bank of England wanted to discourage investment spending and reduce aggregate demand, it could?
What are the factors that producers in the society may take into consideration when deciding on the what to produce,how to produce and for whom ?
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