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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 11: Elasticity Basics | Unit 2: A Little More Page: 7 of 25

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  • How much price and quantity changes, however, depends on elasticity.

  • Demand Changes, Elastic Supply: With elastic supply any change in demand results in relatively large changes in quantity, but relatively small changes in price.

  • Demand Changes, Inelastic Supply: With inelastic supply any change in demand results in relatively small changes in quantity, but relatively large changes in price.

  • Supply Changes, Elastic Demand: With elastic demand any change in supply results in relatively large changes in quantity, but relatively small changes in price.

  • Supply Changes, Inelastic Demand: With inelastic demand any change in supply results in relatively small changes in quantity, but relatively large changes in price.

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TOTAL FACTOR COST CURVE, MONOPSONY

A curve that graphically represents the relation between total factor cost incurred by a monopsony when using a given factor of production to produce a good or service. The total factor cost curve is most important in factor market analysis for the derivation of the marginal factor cost curve.

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Today, you are likely to spend a great deal of time at a flea market hoping to buy either an ink cartridge for your printer or a rechargeable battery for your camera. Be on the lookout for the happiest person in the room.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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