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Vocabulary Quiz
minimum wage • equilibrium • in theory
sweatshops • conditions • abject poverty
  1. I will arrive a few hours before the wedding, but that depends on a lot of things.
  2. He had a few jobs when he was going to school, but since he graduated he has had executive positions.
  3. I try not buy clothes that were made in .
  4. It will take a few years for the market to reach an .
  5. Because she grew up in she appreciates everything that she has now.
  6. Workers should not have to survive these unhealthy .
Comprehension Quiz
Answer the following questions about the interview.
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983 Minimum Wage
Greg and Todd debate the necessity of minimum wages.

  • Transcript
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notes
Vocabulary notes (text only) explain key vocabulary and phrases from the interview.

proper minimum wage

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What is the proper minimum wage?

Minimum wage is the smallest amount of money that an employer is legally allowed to pay someone who works for them. In this case, proper means fair. Notice the samples:

  1. Most American students with a part time job are paid a proper minimum wage.
  2. A proper minimum wage should allow people to afford basic necessities such as food, shelter and transportation.

markets find an equilibrium

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All markets find an equilibrium.

Markets find an equilibrium when the supply of something is equal to how much or how many people want to buy. Here are two samples:

  1. Markets find wage equilibrium when the wage rate produces neither excess supply nor excess demand for workers.
  2. Todd believes that market equilibrium should determine wage rates, not the government.

in theory

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In theory maybe you're right.

If something is possible in theory, it should happen a certain way, but it often does not. Notice the samples:

  1. In theory, the trip should take two hours, but it usually takes longer because of the traffic.
  2. In theory, a college degree should get you a better job, but that's not always the case.

sweatshops

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There are sweatshops.

A sweatshop is a shop or factory where employees work long hours at low wages under poor conditions. Notice the samples:

  1. The existence of sweatshops has caused debate over fair wages and reasonable working conditions.
  2. Nowadays, most sport shoes are made in sweatshops in Asian countries.

unhealthy conditions

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They live in unhealthy conditions.

In sweatshops, unhealthy conditions can include verbal and physical abuse, sexual harassment, forced overtime, work place safety violations, and poor medical care.  Notice the following:

  1. Sweatshops are most often found in developing countries.
  2. In the late18th and early 19th centuries, sweatshops were common in America.

abject poverty

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This leads to abject poverty.

People who live in abject poverty are extremely poor. Here are some samples.

  1. Sub-Saharan Africa is the only region where the number of people living in abject poverty has grown over the past 20 years.
  2. Lack of education is a major cause of abject poverty.
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