Explain why leisure is an economic good.

Explain why leisure is an economic good.

 

Answer

It is defined as rest, idleness, play, or recreation thereby regulating the body and mind, alleviating the stress of life, and providing a pleasant experience.

Leisure is an economic good because;

  • It commands price
  • It is relatively scarce
  • People derive satisfaction out of it
  • It involves opportunity cost
  • It arises because of scarcity and choice
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