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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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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 9 of 23
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- Reviewing Fred the Goldsmith, that Fred has developed several modern banking functions: safekeeping, depository, lending and fractional-reserve banking functions.
- Fred's system of tracking gold flows by issuing receipts for each deposit.
- The three main features of Fred's system:
- Knights need not withdraw the same gold deposited.
- Fred need not personally know each knight requesting services.
- These gold receipts are as good as gold and become money.
- Two options Fred has to make a loan:
- Loan some gold from the safe which could be deposited back in return for receipts.
- To loan the receipts directly.
- The importance of fractional-reserve banking and Fred's ability to create money that is used for investment and economic growth.
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LONG-RUN AVERAGE COST The per unit cost of producing a good or service in the long run when all inputs under the control of the firm are variable. In other words, long-run total cost divided by the quantity of output produced. Long-run average cost is guided by returns to scale.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"Inside the ring or out, ain't nothing wrong with going down. It's staying down that's wrong. " -- Muhammad Ali
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QJE
Quarterly Journal of Economics
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