The way people choose to allocate their consumption of goods, work, and leisure across time is called

Question

Quizplus · Accepted Answer

Intertemporal substitution refers to the idea that individuals adjust their consumption, work, and leisure over time to maximize overall utility. This involves making trade-offs between present and future consumption, as well as between leisure and work. Time bunching, shocks, and irreversible investments are all related concepts but not directly relevant to the way people allocate their consumption over time.

The Way People Choose to Allocate Their Consumption of Goods