"A person's decision to work for pay is a simple cost/benefit question.". Explain this statement
When a person decides to work, there is an opportunity cost associated with that decision. Working an hour for pay means that the person has decided to forego an hour of leisure. If the wage a person earns is higher than the value he or she places on leisure for the same time period, then he or she will choose to work.
Economics
You might also like to view...
Slaves had incentives to remain docile, not resist their work demands and continue to depend on slavery as an institution according to Elkins (1959)
Indicate whether the statement is true or false
Economics
Which of the following workers is most likely to be asked to post a bond?
A) construction contractor B) fast food worker C) sanitation worker D) book author
Economics