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Other things equal, what happens when the price of a good rises?
Minimum Wage
The lowest legal salary that workers can be paid by employers, set by government policy to ensure a basic standard of living for employees.
Protectionism
An economic policy aimed at restricting imports from other countries through tariffs and quotas to protect domestic industries.
World Trade Organization
An international organization designed to supervise and liberalize world trade, by providing a forum for trade negotiations and dispute resolutions.
Intellectual Property
Legally recognized exclusive rights to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images.
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