Chapter 4 | Labor and Financial Markets Flashcards
1
Q
interest rate
A
the “price” of borrowing in the financial market; a rate of return on an investment
2
Q
minimum wage
A
a price floor that makes it illegal for an employer to pay employees less than a certain hourly rate
3
Q
usury laws
A
laws that impose an upper limit on the interest rate that lenders can charge
