Paying For It All

How do we measure wealth? In addition to money and job, we measure wealth by…. __________________________ __________________________

Paying For It All _________________________________________________________________________________________________________________________________________________________________________________________

Paying For It All

These are all leisure products… Think about this for a minute…… By having these items do they make you wealthy? By having these items do they make you wealthy? Do wealthy people have more “stuff”? Do wealthy people have more “stuff”?

Discussion: Subject: Consumerism The consumerist lifestyle that most of us have adopted encourages us to think of leisure as a basket of commodities from which we pick and choose. The question becomes, Instead of being participants of unique and personal recreation activities, are we consumers of leisure experiences designed and mass- produced by others? The question becomes, Instead of being participants of unique and personal recreation activities, are we consumers of leisure experiences designed and mass- produced by others?

Economic Issues Time and money are our two scarcest resources and how we spend both in large part determines the nature of our economy and is central to our economy _________________________________________ _________________________________________

Economic Issues ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________

Standard of Living How would you define “standard of living”?

“Standard of Living” __________________________________________________________ __________________________________________________________ __________________________________________________________

Standard of Leisure How about defining a “standard of leisure”

Life in America Is Getting Better ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________

Leisure Spending The most cited government statistics on leisure is the recreation portion of consumer spending ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ The majority of leisure is classified elsewhere ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ Leisure accounts for over $2 trillion or about 1/3 of all consumer spending….America’s #1 economic activity Worldwide….tourism is a $3.6 trillion a year industry

Leisure Jobs ____________________________________________ ____________________________________________

Why Isn’t Leisure’s Economic Importance Recognized? With all of this consider, leisure seldom comes to mind when discussing our economy…unless it is tied to unwanted leisure from unemployment. Why is this??? ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ ___________________________________________________________ The recognition of leisure as a social and economic force has seen a difficult adjustment in our value system.

Economic Significance of Leisure Fact….most consumer spending occurs during leisure time _________________________________________ _________________________________________ Shopping for pleasure has become one of our most popular leisure activities __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________ __________________________________________

Advertising In addition to shopping, the vast majority of advertising is directed at us during our favorite leisure pursuits. ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________ ______________________________________________

People Are Having More Fun Trying to measure people's "living standards" is a tough task say economists. If people had more time and money for recreation and leisure, living standards were obviously improving. Here are some consumption research findings: _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ Thus, Americans of all income levels are able to spend much more of their money on having fun

Measuring Living Standards ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________

Consumers Put Consumers First The 19th-century economist Adam Smith said "consumption is the sole end and purpose of all production." For instance, free trade helps the economy by putting consumers first: ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________ ________________________________________________

The Leisure Economy Nation’s 75 million baby boomers have entered their peak earning years – and are spending unprecedented sums on recreation and leisure _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________ _________________________________________________

Consumer Spending…More Fun and Games _____________________________________________________________ _____________________________________________________________

Measuring Living Standards ______________________________________________________________ ______________________________________________________________ The government also invested heavily in recreational facilities. ___________________________________________________________ ___________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________

Consumer Expenditures ____________________________________________ ____________________________________________ ____________________________________________ ____________________________________________ ____________________________________________

Today’s College Student Has More Purchasing Power ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _____________________________________________________________________ _______________________________________________________________________________________________________________________________________________________________________________________________________

Discussion: Discussion: Subject: Economic Impact So, does leisure impact the economy? Elaborate on how something like the Tennessee Titans have an impact on our economy Rememeber things like Rememeber things like  Ticket sales, hotel stays, food, shopping…etc….