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Have you ever seen or heard of the government fixing prices or wages (for example, bus fares, medicines, or minimum wages)? Share an example and why you think it was done.

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Question

Have you ever seen or heard of the government fixing prices or wages (for example, bus fares, medicines, or minimum wages)? Share an example and why you think it was done.

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Solution

  • Yes, I have heard of the government fixing minimum wages for workers. For example, the government sets a minimum wage that employers must pay workers for their work.
  • I think this is done to protect workers from being paid unfairly low wages and to ensure that they can meet their basic needs. It also helps reduce exploitation of workers and provides them with a minimum level of income.
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Chapter 9: The Price Puzzle: What Drives the Market - Intext Questions [Page 206]

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NCERT Social Science Understanding Society India and Beyond Part 1 [English] Class 9
Chapter 9 The Price Puzzle: What Drives the Market
Intext Questions | Q 13. | Page 206
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