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
CATEGORIES Economics
TAGS Dr. Bbosa Science