1) Please read the description below about minimum wage and living wage and answer questions a and b (The description is sourced from the internet sources)

"A living wage is not the same as the minimum wage, which is the legislated minimum all employers must pay and is set by the provincial government. The living wage sets a higher test and reflects what people need to earn to cover the actual costs of living in their community. The living wage draws on community-specific data to determine the expenses to a family with two working adults and two children. Living wage employers voluntarily decide to pay a living wage because it's the right thing to do.

More and more people are working for low wages. They are facing impossible choices - buy food or heat the house feed the children or pay the rent. The result can be spiralling debt, constant anxiety, and long-term health problems. In man cases, it means that the adults in a family are working long hours. often at two or three jobs. just to pay for basic necessities.

The living wage is calculated based on the needs of a family of four with two parents each working full-time, full-year. It would also support a family throughout the life cycle so that young adults are not discouraged from having children and older workers have some extra income as they age. Communities across Ontario use the National Living Wage Framework to calculate their local living wage rate. This framework was developed by the Canadian Centre for Policy Alternatives.

A) What are two key differences between living wage and minimum wage? Please provide a brief explanation of ur answer. (7 - 10 max)

B) What are three economic factors, which can decide the level of a living wage in the economy? Please provide a brief explanation of your answer. (8 - 12 max)