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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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SIXTH RULE OF IGNORANCE

The sixth of seven basic rules of the economy, stating that obtaining information is a costly activity that requires resources with alternative uses. As such, no one knows everything and everyone is ignorant about something.

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GREEN LOGIGUIN
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Today, you are likely to spend a great deal of time watching infomercials wanting to buy either a set of luggage with wheels or a birthday gift for your aunt. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
"What gets measured gets done."

-- Peter Drucker, educator

QML
Quasi-Maximum Likelihood
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