Realizing the True Cost

Realizing the True Cost

There are two ways of looking at the time as currency. The first way to look at this is that everyone has different price tags for the identical thing since everyone make money with different rates. A $10 meal may cost 60 minutes of one person if he or she is working at $10 an hour wage. For another person who make $60 an hour would cost this person only 10 minutes. Another way to view this is to normalize the price tag so that each item has its own price tag in unit of time where a cup of coffee may cost 18 minutes. This is done by calculating the living wage correlated to the cost of living that meets people's basic needs.