world map with sweden
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Size: 540 x 411 9 kB
Sweden Map ‚ Sweden Satellite Image
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Map Of World Sweden for The amount of utility or satisfaction that is derived from non-labor market activity is the value of leisure. In particular, economists often try to quantify the value of leisure in dollar terms. One way in which to place a dollar value on a person’s leisure is to consider the opportunity cost of their time. Opportunity cost is simply the value of the person’s next best alternative or the value of what must be given up in order to do or have something. Thus, opportunity cost involves sacrifice and clearly one must sacrifice something in order to spend some time in leisure. Often, we describe the time that someone spends in non-labor market activity as if he or she were consuming leisure. In this sense, the value of one hour’s worth of leisure is the opportunity cost of that hour. Map Of World Sweden 2016.
