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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 8: Market Shocks | Unit 4: Double Shifts
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Page: 15 of 20
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Topic:
Less Demand and Less Supply
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Here we have demand decreasing (tastes change) and supply decreasing (number of sellers declines).- A decrease in demand causes a decrease in both price and quantity.
- A decrease supply causes price to increase and quantity to decrease.
- The combined effect is an obvious decrease in quantity but a questionable change in price.
- At the new equilibrium the price is indeterminant.
- If both demand and supply curve shift in the same direction, then quantity also changes in that direction, but price is indeterminant.
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FEDERAL RESERVE BRANCH BANKS A collection of 25 government banking institutions that are part of the U.S. Federal Reserve System and which support the activities of the 12 Federal Reserve District Banks that supervise, regulate, and interact with commercial banks as they carry out the policies established by the Federal Reserve Board of Governors. Federal Reserve Banks, both District and Branch, are often termed bankers' banks in that they provide banking services to commercial banks. The 37 separate banks--12 District Banks and 25 Branch Banks--spread across the country are what help make the Federal Reserve System a decentralized central bank.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
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In his older years, Andrew Carnegie seldom carried money because he was offended by its sight and touch.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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BQ
Basic Qoute
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