Buy Essay Becker’s Model
Becker introduces variables in which individuals consume time. Firstly, an individual’s decision to spend time either working or on leisure is highly dependent on the households. Indeed, the households have a momentous influence in the manner in which people spend time. Thus, households constitute an economic unit.
Second, Becker espouses that there are myriads of ways in which people spend their limited time including working, household production and consumption. Different commodities bear different characteristics that serve as the significant influence to people. Time intensive commodities require huge amounts of time unlike the goods intensive commodities. Therefore, an individual will make a rational decision when they choose goods intensive commodities to save on time in order to earn more income.
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