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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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CONSUMER PRODUCT SAFETY COMMISSION: (CPSC) A regulatory agency formed by the Consumer Product Safety Act (1972) that is charged by Congress with -- (1) protecting the public against unreasonable risk, (2) developing uniform safety standards for consumer products, (3) helping consumers evaluate the safety of products, and (4) promoting research that will improve product safety. The Act is designed to protect the public from risk of injury from products not covered by other Acts. Products not included are tobacco, automobiles, aircraft, boats, drugs, and food to name a few. It is run by a five-member commission that has the authority to remove unsafe products from the stores. This five members are appointed by the President and may contain no more than three members from any one political party. This is one of the regulatory forces in the marketing environment. See also | risk | consumer | Federal Trade Commission | regulatory forces | political forces | environmental scanning | marketing environment | marketing plan |
Recommended Citation:CONSUMER PRODUCT SAFETY COMMISSION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 7, 2024].
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INTERNATIONAL TRADE The exchange of goods and services among the nations of the world. Also termed foreign trade when viewed from the perspective of a given country, the international exchange of production is comparable to any exchange, except that buyers and sellers are from different countries. The study of international trade highlights an important economic principle, the law of comparative advantage, which helps to explain not only why nations engage in trade but why individuals engage in trade. A related area of study is international finance, both of which are part of the broader study of international economics.
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Much of the $15 million used by the United States to finance the Louisiana Purchase from France was borrowed from European banks.
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"In a time of drastic change, it is the learners who inherit the future. " -- Eric Hoffer, philosopher
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APEC
Asia-Pacific Economic Co-operation
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