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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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Lesson 15: Aggregate Market | Unit 1: The Concept Page: 2 of 22

Topic: Two Sides: SRAS <=PAGE BACK | PAGE NEXT=>

The aggregate market combines two sides, those who buy, aggregate demand, and those who sell, aggregate supply.
  • Aggregate demand is the spending by the four basic sectors of the economy: household, business, government, and foreign sector.
  • Aggregate supply is the economy's producers -- the factors of production: labor, capital, land, and entrepreneurship.
  • The aggregate market is the mechanism through which buyers and sellers come together to exchange the economy's production.
The SRAS curves represents part of the supply side of the aggregate market.

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AVERAGE FACTOR COST CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average factor cost incurred by a perfectly competitive firm for employing an input and the quantity of input used. Because average factor cost is essentially the price of the input, the average factor cost curve is also the supply curve for the input. The average factor cost curve for a perfectly competitive firm with no market control is horizontal. The average revenue curve for a firm with market control is positively sloped.

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BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market seeking to buy either a handcrafted spice rack or a cell phone case. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The roots of education are bitter, but the fruit is sweet."

-- Aristotle, philosopher

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