2007-09-26 06:01:21 · 3 answers · asked by Anonymous in Social Science ➔ Economics
You have 24 hours a day, and if you work you can spend your wages on goods. so the trade off is how much you value goods compared to how much you value leisure. So your trade off between work and leisure depends on your wage rate and the price of goods.
In the case of a working mother it is her wages vs the cost of day care that is critical, since economist consider non market work, such as child care and house keeping, leisure.
2007-09-26 18:35:35 · answer #1 · answered by meg 7 · 0⤊ 0⤋
Well, you can spend all your hours at leisure, or all your hours at work.
Put work hours on the vertical axis, liesure on the horizontal. Draw a straight line, or a curved one, and there you go.
Typically, however, people have to work 40 hours or 20 or none at all, so the labor-leisure trade off is a mythical beast.
2007-09-26 09:54:31 · answer #2 · answered by Anonymous · 1⤊ 0⤋
It's the rate at which consumers are willing to sacrifice additional income for leisure, typically represented by an indifference curve.
2007-09-26 09:56:50 · answer #3 · answered by Jen 2 · 0⤊ 0⤋