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LABOR-LEISURE TRADEOFF: The perpetual tradeoff faced by human beings between the amount of time spent engaged in wage-paying productive work and satisfaction-generating leisure activities. The key to this tradeoff is a comparison between the wage received from working and the amount of satisfaction generated from leisure. Such a comparison generally means that a higher wage entices people to spend more time working, which entails a positively sloped labor supply curve. However, the backward-bending labor supply curve results when a higher wage actually entices people to work less and to "consume" more leisure time.
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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for the last item on a shelf.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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BLS
Bureau of Labor Statistics
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