Examlex
What are the guiding principles of the IRS?
Surplus Of Labor
A situation where the supply of labor exceeds the demand for it, typically resulting in unemployment or lower wages.
Minimum Wage
The lowest remuneration that employers can legally pay their workers, intended to protect employees from unduly low pay.
Demand For Labor
The total amount of workers that employers are willing and able to hire at a given wage rate, in a given period.
Union Shop
A workplace where employees are not required to join the union in order to be hired but must join soon after they begin employment.
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