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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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PRICE STABILITY The condition in which the average price level in the economy changes very slowly, if at all. This is a key part of the macroeconomic goal of stability. Price stability is commonly indicated by the inflation rate, calculated as percentage change in either the Consumer Price Index (CPI) or the GDP price deflator. Price stability is generally achieved by the ABSENCE of large or rapid increases or decreases in the price level.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for poorly written technical manuals.
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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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"All labor that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence. " -- Martin Luther King Jr., civil rights leader
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NINOW
Non Interest Bearing NOW Account
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