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BACKWARD-BENDING LABOR SUPPLY CURVE: A labor supply curve that is positively-sloped for relatively small quantities of labor and negatively-sloped for relatively large quantities of labor. In other words, workers supply larger quantities of labor in response to a higher wage when the wage is relatively low. However, when the wage reaches a relatively high level, further increases in the wage entice workers to reduce the quantity supplied. The supply curve thus bends back on itself. The reason for the negatively-sloped, backward-bending segment rests with the tradeoff between labor and leisure. Workers decide to "spend" a portion of their higher wage "buying" more leisure time, and thus working less. The end result is that the higher wage decreases the quantity of labor supplied.
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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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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either shoe laces for your snow boots or a rim for your spare tire. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The average bank teller loses about $250 every year.
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"Try not to become a man of success but rather to become a man of value. " -- Albert Einstein
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JEH
Journal of Economic History
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