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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 9: Macro Basics | Unit 4: Policies
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Page: 11 of 16
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Government tries to bring the economy closer to the macro goals of full employment, stability and growth, and to lessen the scarcity problem.- Economic policies are government actions designed to affect the economy to pursue the economic goals.
- Stabilization policies (or counter-cyclical policies) are designed to limit economic instability and business cycles and avoid high rates of unemployment and inflation.
Key macroeconomic stabilization policies:- Fiscal policy is the use of government spending and taxes to stabilize the economy.
- Monetary policy is the use of the amount of money in circulation to stabilize the economy.
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INDUCED SAVING Household saving that depends on income or production (especially disposable income, national income, or even gross domestic product). That is, changes in income induce changes in saving. Induced saving reflects the fundamental psychological law put forth by John Maynard Keynes. It is measured by the marginal propensity to save (MPS) and is reflected by the positive slope of saving line. The alternative to induced saving is autonomous saving, which does not depend on income.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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AMEX
American Stock Exchange
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