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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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AVERAGE PRODUCT The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total product by the quantity of the variable input. Average product, which occasionally goes by the alias average physical product (APP), is one of two measures derived from total product. The other is marginal product.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time at a going out of business sale hoping to buy either super soft, super cuddly, stuffed animals or a large stuffed brown and white teddy bear. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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"As is our confidence, so is our capacity. " -- William Hazlitt, essayist
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BLUE
Best Linear Unbiased Estimator
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