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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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COMPETITION In general, the actions of two or more rivals in pursuit of the same objective. In an economic context, the specific objective pursued is usually either selling goods to buyers or buying goods from sellers.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for strangers with large satchels of used undergarments.
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More money is spent on gardening than on any other hobby.
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"You are the only problem you will ever have and you are the only solution. Change is inevitable, personal growth is always a personal decision." -- Bob Proctor, Author and Speaker
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MRP
Marginal Revenue Product
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