Preview

Labor-Leisure Model in the Everyday Life

Powerful Essays
Open Document
Open Document
1519 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Labor-Leisure Model in the Everyday Life
Labor-Leisure Model in the Everyday Life I like many other college students am not currently seeking work in the labor force. As a student athlete playing golf I am constantly juggling my time between my studies as a senior Economics major, and maximizing my golfing potential and chasing my ultimate dream of becoming a professional golfer. Throughout this paper I will explain how I maximize my utility in different circumstances using the labor-leisure model. As I am not actively looking for work in the labor market my indifference curve is so steep there are no tangencies to my reservation wage, which is defined as the “lowest wage rate at which a worker is willing to accept a job.” By dedicating all my time to studying and practise, and none to the labor force my indifference curve has no tangency to my constraint. As a rational person who wants to maximize utility; the current wage rate is not high enough for me to substitute work for things I prefer to do in my free time, such as playing golf or studying for a test. I am fortunate enough that my parents have the opportunity to help me financially during my time at college, so I have a source of “unearned income” that I receive for working zero hours in the labor market. This “unearned income” is shown by the spike in figure 1 below. As mentioned above because of my high regard for leisure and the modest wages I am offered as a student with some college experience; my indifference curve has no tangencies to my constraint. Figure 1 depicts where utility is maximized at point A. As a utility maximizer it suits my personal preferences to accept the unearned income given to me by my parents and consume more leisure time. “Point [A] represents the highest utility that can be reached by [myself], given the budget constraint.” The labor-leisure model makes the assumption that leisure is a desirable product, which in my case it is. Furthermore, substituting three or four hours in the labor force for


Cited: "EconoMonitor : EconoMonitor The Current Downturn: Labor-leisure Tradeoff or Technological Regress." EconoMonitor : EconoMonitor » The Current Downturn: Labor-leisure Tradeoff or Technological Regress. Web. 01 November 2012. . Heckman, James. JSTOR. Web. 05 November 2012. . Ehrenberg, Ronald G., and Robert Stewart. Smith. Modern Labor Economics: Theory and Public Policy. Glenview, IL: Scott, Foresman, 1987. Print. "Labor Supply." Labor Supply. Web. 06 November 2012. . Nicholson, Walter. Intermediate Microeconomics: And Its Application. Houghton, Harcourt, 2000. Print.
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Analisys of the Current State of Teh Us Economy
    • 675 Words
    • 3 Pages

    Analisys of the Current State of Teh Us Economy

    Cited: Amadeo, Kimberly. "GDP Current Statistics." US Economy and Business - US Economic Indicators - US Economic News. About.com, 31 May 2012. Web. 11 June 2012. <http://useconomy.about.com/od/economicindicators/a/GDP-statistics.htm>.…

    • 675 Words
    • 3 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Coleco Case
    • 1035 Words
    • 5 Pages

    Coleco Case

    • the economy - raising • unemployment and interest rates – low • demographic factors favorable • interest rate is decreasing • debt is becoming cheaper…

    • 1035 Words
    • 5 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Leisure Interest Measure Test
    • 298 Words
    • 2 Pages

    Leisure Interest Measure Test

    I chose to take the Leisure Interest Measure test because I was being curious to see which of the eight domains of leisure interest scores the low to the highest. The scores I got was 1 for physical, 2 for outdoors, 1 for mechanical, 2.5 for artistic, 1 for service, 2.5 for social, 2.5 for cultural, and 1 for reading domain. I’m not the type pf person who have less interest in leisure activity. I think that I would scores low on eight domains leisure interests because I have the lack of interest in desires activity. I barely think of what type of leisure activity I enjoyed on a regular day of my free times. I was think between physical, outdoor, artistic, social and reading, which of these eight domains of leisure interest I would score highest.…

    • 298 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Should The Difficulty Of Paying Student Athletes Be Paid
    • 502 Words
    • 3 Pages

    Should The Difficulty Of Paying Student Athletes Be Paid

    This journal takes a look at the difficulty of being an NCAA athlete and the detrimental affects it has over the well-being of the athlete’s health. This journal is in support of paying NCAA athletes with it’s underlying argument that the NCAA regulations prohibit scholarship athletes to work which on turn effects the overall wellbeing of the student athlete. Overall, this journal states that NCAA athletes should be paid because according to the research provided in the journal there are many reason such as food, personal expense, etc. that are affected by the inability to have a job.…

    • 502 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Personal Statement: Why College Athletes Should Get Paid
    • 1399 Words
    • 6 Pages

    Personal Statement: Why College Athletes Should Get Paid

    The challenge that most college athletes face is that unlike most students, it is nearly impossible for them to have a job during the school year. The balance between school, sports, a personal life and a job would be too much to handle. So, many athletes can only work jobs during the summer if they’re not competing. Consequently, many college athletes leave school without having ever developed the skills necessary to handle their own accounts and affairs. College athletes should be paid because some coaches signed a 66.5 million agreement , sports universities should stop pretending that athletes are students , billions dollars are made from athlete each…

    • 1399 Words
    • 6 Pages
    Good Essays
    Read More
  • Good Essays

    Essay On Why College Athletes Should Be Paid
    • 571 Words
    • 3 Pages

    Essay On Why College Athletes Should Be Paid

    College athletes have a very busy schedule when they finished classes and practice, they have very little free time. During those free time, they sleep or do schoolwork. Student athletes are required to take a minimum of twelve credit hours each semester and they have to pass at least nine credit hours. With these rules, the athletes are spending many of hours of studying or going to class. After studying and going to their classes, they have to go to practice. Going to practice takes up about four to seven hours a day. After a long day, the athletes only have a few couple of hours for them to have some down time like watching Netflix or sleeping. These athletes are also college students who are not getting paid for their commitments. They have to find time to put work in. When athletes are looking for a job, they are very limited to only have a couple of hours a day to work. A large number of jobs want their employees to be available to work on the weekends, this tough for an athlete to look for a job because they are never available on weekends because they are traveling with the team to…

    • 571 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Should College Athletes Get Paid?
    • 663 Words
    • 3 Pages

    Should College Athletes Get Paid?

    An average of about 40 hours a week is a full time job. A college athlete trains about 90 hours a week. If they are spending most of their time training, why aren’t they getting paid like a full time job. While college athletes are handed scholarships, there are many other things it cant cover. The average full-time work schedule is about 40 hours a week. If a college athletes spends this much time in their sport, why aren’t they getting paid? But, they aren’t required to play 40 hours week. If they have 10 hours a week for classes, the athlete spends 50 hours a week studying. This means that college athletes have to work 90 hours per week just to remain in school This is the equivalent to working two full-time jobs. Athletes who spend 90 hours a week training also find themselves starving.…

    • 663 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Student Athlete Greed
    • 458 Words
    • 2 Pages

    Student Athlete Greed

    Zirin points it out when he interviewed a former college athlete Dave Meggyesy. He said, “These are more than full-time jobs…It’s more cynical system now than when I played…”. The student’s athletes now a day practice all year round which is too much for a student athlete who doesn’t get paid. The college sport they play put them at so much stress and hard work to not get something out of it.…

    • 458 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    College Sports Persuasive Essay
    • 672 Words
    • 3 Pages

    College Sports Persuasive Essay

    College athletes do not have time to get a part time job with their busy schedules. They spend an average of 43.3 hours a week on their sport alone. Most full time jobs are based on a 40 hour work week. This is just the sport but now let's add the school hours "If a student has 10 hours of class each week and puts in the recommended four hours of study for each hour of class, then athletes spend 50 hours each week studying and attending mandatory classes and study halls." (Listland) that adds up to 90 hours of school and sports a week, the equivalent to having two full time jobs and a side job. But still they aren't making a dime, Even though the NCAA March Madness tournament is an 11 billion dollar industry.…

    • 672 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Student Athletes Paid
    • 836 Words
    • 4 Pages

    Student Athletes Paid

    College athletes are working more than 40 hours a week on their bodies and intelligence. While the average collegiate student just worries about their classes, student- athletes have 6 a.m. workouts, attend class after, and then right back to the grind to further and groom their athletic ability to stand out on game days. With all the hardwork and dedication these athletes show, they should at least get some compensation for their duties. In the end student-athletes in college are actually athlete-students. “All the hours of work an athlete puts in throughout the day and attending meetings and meetings while juggling class in between can be very stressful! It takes a lot to be able to pull that off, especially doing all that on few hours of sleep and rest” (Chavanelle 1). It is quite noticeable that most student-athletes at varying universities do not have time for a job, because they are working full-time as a student-athlete already. So what will cover all the out of pocket expenses there are or how will athletes get rewarded for their will and dedication? This is another reason student-athletes should get compensated for what they go through and…

    • 836 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Leisure Ability Model
    • 91 Words
    • 1 Page

    Leisure Ability Model

    I am familiar with the Leisure Ability Model and the Multiple Sclerosis Impact Scale (MSIS-29) would assist me the most during the planning and implementing process. With this assessment, I will be able to access the client’s functional tional abilities (determine functioning level), the impact of the disease, and attitude towards the disease (emotional state). After completing the assessment and determining the client’s functioning level, I will be able to provide available leisure opportunities and resources. Then, I will be able assist the client in participating in the chosen leisure activity.…

    • 91 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Synthesis Essay On High School Sports
    • 533 Words
    • 3 Pages

    Synthesis Essay On High School Sports

    Oppents support their reason by referencing to Source 2 which states,” as more kids play on traveling teams outside of school, and as the globalized economy demands that children learn higher-order skills so they can compete down the line, its worth re-evaluating the American sporting tradtion.” However, students can manage the two and can actually get higher wages in their jobs and income that are due to the part of their participation in a sport. In fact, according to source 3,” Recent years, economists have found that sports participation is associated with higher part wages and income.”…

    • 533 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Athletes or Employees
    • 1822 Words
    • 8 Pages

    Athletes or Employees

    * Michigan state university professors find student athletes don 't reap benefits of labor. (2011). Entertainment Close - Up, , n/a. Retrieved from http://search.proquest.com/docview/863716403?accountid=8117…

    • 1822 Words
    • 8 Pages
    Better Essays
    Read More
  • Good Essays

    Graduation Speech: Why College Athletes Should Be Paid
    • 1005 Words
    • 5 Pages

    Graduation Speech: Why College Athletes Should Be Paid

    At High School level alone, I spend about 15 hours a week on my sport, as well as 6 hours a day for school, leaving me a maximum of 7 hours free for after school to do homework, practice, dinner and any other chores. For College, an average player spends over 40 hours a week on their sport. These same students are also working the same amount of hours on an employed job to…

    • 1005 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Why Student Athletes Deserve A Paycheck
    • 1410 Words
    • 5 Pages

    Why Student Athletes Deserve A Paycheck

    Entering college, athletes are appointed the title of “Student-Athlete.” However, they become “Athlete-Students” once the season begins. The title of student drastically becomes overweighed by their athlete epithet. Throughout the past years, the NCAA developed a million dollar industry. The NCAA is a non-profit organization that organizes sports for colleges and universities. By providing entertainment, college athletes are the manpower of the NCAA’s prosperous industry. In order to keep this business operating, athletes participate in rigorous training, games, classes, and more. Doing so, athletes work over 50 hours a week, without payroll. Many believe the scholarship athletes earned is enough to withstand their tremendous workload. However, athletes never personally receive any of that money. Therefore, athletes still have to provide essential needs for themselves that every college student requires. Since student athletes make their overseer’s millions each year, they shouldn’t struggle financially.…

    • 1410 Words
    • 5 Pages
    Good Essays
    Read More

Related Topics