![Economics 101: Price Floor](https://i0.wp.com/sterlingterrell.net/wp-content/uploads/2016/10/1-33.jpg?fit=637%2C413&ssl=1)
[This is part of the series: The Complete Guide To Economics 101.]
What is a price floor in economics?
A Price Floor is a price control that forbids, by law, that a price not go below a certain point.
The result of price floors are surpluses.
And a good example of price floors are minimum wage laws.
This is why there are many times complaints of unemployment (a labor surplus) among low-skilled workers.