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July 18, 2025 

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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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SUPPLY-MANAGEMENT POLICIES: Government policies designed to stabilize the economy by changing aggregate supply. Some noted supply-management policies are deregulation, education, technology, and investment incentive; all designed to improve the productive capabilities of the economy's resources.

     See also | stabilization policies | aggregate supply | business cycles | supply-side economics | investment | deregulation | technology | education |


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COMMODITY MONEY

A medium of exchange (money) that has both value in use and value in exchange. Commodity money is first and foremost a commodity that provides users with satisfaction of their wants and needs. However, it also has the secondary function of acting as a medium of exchange for the economy. In the march toward economic complexity, commodity money emerged from barter exchanges, but then ultimately gave way to modern fiat money.

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The Dow Jones family of stock market price indexes began with a simple average of 11 stock prices in 1884.
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