Objective:
Students will analyze the labor-leisure tradeoff and the role of intrinsic (nonmonetary) compensation in career and life decisions. They will examine how individuals weigh financial incentives against personal values, fulfillment, and time.
Materials Needed:
- Handouts explaining labor-leisure tradeoffs and types of compensation (monetary vs. intrinsic).
- Real-world examples of job roles offering high intrinsic rewards.
Lesson Steps:
1. Introduction (10 minutes):
- Define labor-leisure tradeoff: The balance individuals make between earning income through work and enjoying leisure time.
- Discuss intrinsic compensation: Nonmonetary rewards like job satisfaction, purpose, or recognition that motivate individuals.
- Provide examples:
- High-paying but demanding jobs with little leisure (e.g., corporate executives).
- Intrinsically rewarding but lower-paying roles (e.g., teachers, artists, non-profit workers).
2. Viewing Clip (5 minutes):
- Set the context: Highlight the tradeoff between the intrinsic reward of serving honorably and the loss of leisure and personal safety.
3. Group Discussion (15 minutes):
- Divide students into small groups to discuss:
- What factors influenced Eddard Stark’s decision to accept the role of Hand of the King?
- How does this decision illustrate the labor-leisure tradeoff?
- What intrinsic rewards might have motivated him?
- What risks or sacrifices did he make in terms of leisure and personal well-being?
4. Concept Application (20 minutes):
- Case Study Analysis:
- Provide examples of real-world jobs and ask students to analyze the tradeoffs:
- Corporate lawyer: High monetary compensation, low leisure, limited intrinsic rewards.
- Park ranger: Moderate monetary compensation, high intrinsic rewards, more leisure.
- Entrepreneur: Variable monetary compensation, high intrinsic rewards, low leisure.
- Ask students to evaluate:
- How do individuals prioritize monetary and intrinsic compensation differently?
- How does personal value alignment impact these decisions?
5. Wrap-Up and Reflection (10 minutes):
- Summarize key takeaways:
- Individuals prioritize labor, leisure, and compensation based on personal goals, values, and circumstances.
- Intrinsic rewards can often outweigh monetary compensation in motivating career choices.
- Wage changes can significantly impact labor supply decisions, illustrating key economic principles like the backward-bending supply curve.
- Pose a reflective question: How would you balance labor and leisure in your ideal future career?
6. Activity or Homework (20 minutes):
- Design Your Ideal Job and Respond to Wage Changes:
- Have students imagine their future ideal job, considering:
- Balance of labor and leisure.
- The mix of monetary and intrinsic compensation they value.
- Potential tradeoffs they are willing to make (e.g., longer hours for higher pay).
- After designing their ideal job, introduce the following scenarios:
- Scenario 1: The wage for their job increases by 10%.
- Scenario 2: The wage for their job increases by 1000%.
- Ask students to discuss and record:
- Would they work more, less, or the same in response to each wage increase? Why?
- How do the additional earnings compare to the value of their leisure time?
- Would the increase in wages alter their preferences for monetary versus intrinsic rewards?
- Groups present their job designs and discuss how wage changes influenced their decisions.
- Facilitate a class discussion:
- Highlight how individual preferences can lead to the backward-bending supply curve for labor, where extremely high wages might lead to reduced labor supply as workers prioritize leisure.