Principles of Economics: Microeconomics - Price Floors: The Minimum Wage

Price floors, when prices are kept artificially high, lead to several consequences that hurt the consumer. In this video, we take a look at the minimum wage as an example of a price floor. Using the supply and demand curve and real world examples, we show how price floors create surpluses (such as a surplus in labor, or unemployment) as well as deadweight loss. Try our price floors interactive practice: https://mru.io/hgr Microeconomics Course: https://mru.io/7mi Next video: https://mru.io/2a8 Help us caption & translate this video! http://amara.org/v/GLJa/ 00:00 Price floors 02:22 Surpluses 03:39 Minimum wage creates a surplus 04:46 Minimum wage 07:26 Minimum wages in France 08:23 Minimum wage creates lost gains from trade (deadweight loss) 09:18 Recap