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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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DATA Observations or measurements that quantify or otherwise identify some aspect of the real world. Data are used to track economic performance, quantify economic characteristics, and test economic hypotheses. Data collection is often the most challenging part of undertaking an empirical analysis.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius wanting to buy either an instructional DVD on learning to the play the oboe or a small, foam rubber football. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Nobody can be successful unless he loves his work. " -- David Sarnoff, TV pioneer
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AER
American Economic Review
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