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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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LAW: Generally accepted, verified, fundamental principle of nature. Laws have been tested and verified through the scientific method. As a house is constructed from concrete, lumber, and nails, a theory is constructed from laws. To be a fundamental law of nature, a principle must capture a cause-and-effect relationship about the workings of the world. See also | principle | scientific method | science | theory | hypothesis | verification | cause and effect | economic analysis | law of demand | Giffen good | law of increasing opportunity cost | law of supply | law of diminishing marginal utility | law of diminishing marginal returns |
Recommended Citation:LAW, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 5, 2025].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: law
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AVERAGE REVENUE, PERFECT COMPETITION The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time strolling through a department store hoping to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for infected paper cuts.
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The word "fiscal" is derived from a Latin word meaning "moneybag."
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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CABEI
Central American Bank for Economic Integration
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