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Federal Minimum Wage
The lowest legal hourly pay for many workers in the United States, set by federal law.
Labor Market
Refers to the economic space where workers offer their services and employers seek to hire labor, characterized by the negotiation of wages, hours, and working conditions.
Unemployment
A measure of the number of people who are actively looking for work but are not currently employed.
Firms Lay Off
The process by which companies reduce their workforce in response to business conditions, such as decreased demand or economic downturns.
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