Minimum wage is the lowest wage given by law or agreement through labor. In the United States of America, the national minimum wage is $7.25. It can be different in some states. Minimum wage is administered by Fair Labor Standard Act FLSA also checks overtime pay, child labor, etc.
Minimum Wage Summary
Minimum wage is basically a solution or average of pay that someone can give you in return of labor. For the United States, our minimum wage is $7.25 per, but some states use numbers below and above that amount. For young adults under the age of 20, they are paid $4.25. You can get paid by the hour, day, week, or month depending on where you work. Some workers don't get paid minimum wage because of their career choice. At one point in time, minimum wage was under a dollar. The only reason is has raised and is kept at $7.25 is because of FLSA. Fair Labor Standard Act helps keep pay and other things related to jobs and pay and a good cost or a limited amount.
Impact of Minimum Wage
Minimum wage can impact on our lives as a nation or individually. Now that most people can't pay us less that about $7.25 per hour, we can increase in family income. Since now there is a limit, the less each company pays each employee the more jobs they could give out if they wanted. If you raise the minimum wage too high, there could be some inflation. This conflict causes the minimum wage to decrease to have an increase in money supply. In expansion, the minimum wage could increase which causes the income taxes to make people pay more for their taxes since they have more money.