<h2>Key Concepts and Summary</h2>
<p>When making a choice along the labor-leisure budget constraint, a household will choose the combination of labor, leisure, and income that provides the most utility. The result of a change in wage levels can be higher work hours, the same work hours, or lower work hours.</p>
<h2>Glossary</h2>
<h3>backward-bending supply curve for labor</h3>
<p>the situation when high-wage people can earn so much that they respond to a still-higher wage by working fewer hours</p>

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Key Concepts and Summary

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Learn how to make optimal consumer choices by understanding concepts such as total utility, marginal utility, demand curves, and intertemporal choices, as well as the impact of changes in income and prices on consumer decision-making in various settings such as government, business, and financial markets.


Key Concepts and Summary

Key Concepts and Summary

Glossary

backward-bending supply curve for labor

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