Economics B A-Level
Living wage
What Living wage means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Living wage
Check what you remember
Read the wording for your board, then hide it and explain Living wage in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
Fair compensation that goes beyond the legal minimum, which businesses may pay instead of just the statutory minimum.
Topics that use Living wage
- Ethical issues (Pearson Edexcel A-Level)
Related terms
- Advertising Standards Authority (ASA)
- Competitive advantage
- Misleading product labelling
- Profit maximisation
- Stakeholder conflicts
- Stakeholders
- Trade-off
- Trade-offs
Using Living wage in the exam
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