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LEISURE: The portion of time workers and other people spend not being compensative for work performed when they actively engaged in the production of goods and services. In other words, this is the time people sent off the job. Leisure activities can include resting at home, working around the house (without compensation), engaging in leisure activities (such as weekend sports, watching movies), or even sleeping. Leisure time pursuits becomes increasingly important for economies as they become more highly developed. As technological advances reduce the amount of time people need to spend working to generate a given level of income, they have more freedom to pursue leisure activities. Not only does this promote sales of industries that provide leisure related goods (sports, entertainment, etc.) it also triggers an interesting labor-leisure tradeoff and what is termed the backward-bending labor supply curve.

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Lesson 23: Factor Market Equilibrium | Unit 5: Bilateral Monopoly Page: 23 of 24

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  • The four curves in this diagram illustrates the boundaries of this negotiation.

  • However, we don't have just a monopsony or just a monopoly, we have a bilateral monopoly.

  • The ultimate price depends on which side is the better negotiator.

  • One of the more intriguing implications of this analysis is for efficiency:

  • While neither monopsony nor monopoly are particular efficient, the price negotiated by a bilateral monopoly is bound to be closer to the perfect competition price than the other two separately.


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LAISSEZ FAIRE

The notion that government should not intervene into production, consumption, and exchange activities and that the private sector (households and businesses) should be free to make allocation decisions. Laissez faire is a French term that roughly translates into "allow to act." It has been the rallying cry for many people (primarily business leaders) who oppose government intervention, regulation, or even taxation since it was popularized in the late 1700s by Adam Smith in The Wealth of Nations.

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Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for high interest rates.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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