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LenKa [72]
3 years ago
5

Hundreds of millions of people in China have escaped poverty in recent decades. What factors contributed to that change?

Social Studies
1 answer:
Fed [463]3 years ago
7 0
<span>In 1978, China introduced a bold, new policy which ended centralized agricultural planning and returned land used for communal farms back to individual families. Freeing the productive capacity of hundreds of millions became the single largest factor in helping China’s rural poor escape poverty. </span>
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Opportunity cost is what is given up to obtain something, or the cost of doing something instead of another thing.

The opportunity cost of leisure would be best explained as the monetary value of time spent not working, or in other words, the income that is not received when you are not working.

For example, if a person works 8 hours a day, five days a week, making $20/hour, he will earn, by the end of the week, a total of $800 dollars. However, if he decides to cut back his hours in order to go to swimming classes in the afternoon, and now works 6 hours a day, five days a week, he will now make $600 dollars, so the opportunity cost of leisure for him is $200 dollars.

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