Production possibilities curve and economic growth

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Reference no: EM1373205

One of the limiting resources in our economy is time. As a society, we make selection about allocation of time in work and other pursuits. In the US, most workers are eligible for overtime pay if they work more than 40 hours a week, whereas most European workers become eligible at 35 hours each week. In addition, workers in Europe have guaranteed vacation time-five weeks in France-a benefit not available in the United State. As a result, the typical US worker puts in about 2,000 hours per year compared to 1,700 hours per year in France and Germany.

Should United State laws be changed to require a shorter work week and longer vacation time?
For each side of the question list three strong arguments. Use the following concepts from the chapter at least once.

- Production possibilities curve
- Economic growth
- Market mechanism
- Market failure

Reference no: EM1373205

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