Examlex
List and describe the statutory benefits that companies are required to provide to their employees.
Price Floor
A government-imposed minimum price charged for a commodity, aimed at preventing prices from falling too low.
Surplus
In economic terms, it refers to the amount by which production, assets, or resources exceed the portion used, often leading to excess supply in markets.
Shortage
A condition where the market's demand for a good or service outstrips its supply.
Price System
An economic mechanism wherein prices act as signals for the allocation of resources, influencing both producers and consumers in their decisions.
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