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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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MONEY FUNCTIONS Any item used as money in an economy automatically takes on four basic functions: (1) medium of exchange, (2) unit of account, (3) store of value, and (4) standard of deferred payment. While "buying and selling" means that money is THE medium of exchange, and by far THE most important function of money, money also performs unit of account, store of value, and standard of deferred payment functions.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area wanting to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for rusty deck screws.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"My father used to say to me, „Whenever you get into a jam, whenever you get into a crisis or an emergency . . .become the calmest person in the room and you'll be able to figure your way out of it. " -- Rudolph Giuliani
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EGARCH
Exponential Generalized Autoregressive Conditional Heteroskedasticity
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