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LEISURE: The portion of time workers and other people spend not being compensative for work performed when they actively engaged in the production of goods and services. In other words, this is the time people sent off the job. Leisure activities can include resting at home, working around the house (without compensation), engaging in leisure activities (such as weekend sports, watching movies), or even sleeping. Leisure time pursuits becomes increasingly important for economies as they become more highly developed. As technological advances reduce the amount of time people need to spend working to generate a given level of income, they have more freedom to pursue leisure activities. Not only does this promote sales of industries that provide leisure related goods (sports, entertainment, etc.) it also triggers an interesting labor-leisure tradeoff and what is termed the backward-bending labor supply curve.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Life is no brief candle to me. It is a sort of splendid torch which I have got a hold of for the moment, and I want to make it burn as brightly as possible before handing it on to future generations." -- George Bernard Shaw
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SLTX
Sales Tax
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