minimum wage
minimum wage
Price cealing: rent control Price floor: minimun wage
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
government want to statutory control over price of some specific commodity
the government can reduce the taxes on the commodities, it can also use price control that is price cealing
minimum wage
in economics price controls can be defined as a government enforced maximum or minimum price for essential goods such as bread and housing. Maximum price is a price ceiling and a minimum price enforced by the government is a price floor. A price control is a law passed by the government that dictates the price of a good or service. It can either put a price ceiling (saying the price cannot go above a certain point) or a price floor (saying the price cannot go below a certain point). An example of a price ceiling is price control of gasoline in the 1970s. An example of a price floor (albiet not a good one) is the US government's policy in the past to pay farmers not to farm certain crops in an attempt to keep the supply down and the price up.
Price cealing: rent control Price floor: minimun wage
What principle refers to the fact that a person is prevented from consuming private goods unless he or she pays for them
the government can reduce the taxes on the commodities, it can also use price control that is price cealing
government want to statutory control over price of some specific commodity
A price floor is government imposed limit on how low a price can be charged for a product or service. An example of a price floor in the US are minimum wage laws. The government has set the minimum wage that a company can pay an employee.
rent control
inherent powers
A price control is a ceiling that is set by the government, which does not allow the price of a product to rise above a certain level. The reasons for setting price controls usually have something to do with a particular situation. For example, during a time of war, price controls may be set. Another reason could be a necessary commodity which has continued to rise in cost, making it prohibitively expensive for consumers.
A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service.
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