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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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FREE RESOURCE A resource that can be used to produce consumer-satisfying goods and services without imposing an opportunity cost on society by preventing the production or consumption of other consumer-satisfying goods or services. Production using free resources often results in free goods.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The more you praise and celebrate your life, the more there is in life to celebrate." -- Oprah Winfrey
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AACT
American Assocation of Commodity Traders
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