Leisure Time

Definition

Leisure time refers to the period of time when individuals are not engaged in work or other obligations. It is the free time that people have to pursue activities they enjoy and relax.

Related terms

Opportunity Cost: The value of the next best alternative that is given up when choosing one option over another.

Productivity: The measure of how efficiently resources are used to produce goods and services.

Marginal Utility: The additional satisfaction or benefit gained from consuming one more unit of a good or service.