The equilibrium wage (W0) would lead to full employment (L0) as supply and demand of labour are in balance. According to this theory, a binding or statutory minimum wage (W1) higher than the equilibrium wage increases the price for labour by artificially introducing a wage floor. The supply of labour (L1) would be larger than employer demand (L2). This would result in unemployment, since fewer workers are needed or employed.
Curve chart: relation between wages and
employment
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What can the European Union do to make the economy stronger create more jobs and fight poverty amongst its citizens, on a strategic level: I’m curious.
Read post: Workforce split EMEA 2000 till 2018 est. against population per country
http://www.slideshare.net/EdwardFeldbrugge/emea-workforce-per-region-per-country-2000-planning-till-2018-part-2
http://www.slideshare.net/EdwardFeldbrugge/workforce-emea-2000-till-2018-est-against-population-per-country-part-1?related=1
Workforce EMEA 2000 till 2018 est, salaried workers, Employers, Own-account workers, Contributing family workers, Vulnerable employment, Total unemployment (thousands), Youth unemployment (thousands) vs pop. country