South Park — Substituting Inferior Goods

 

Now that the South Park economy has dwindled, citizens are left to wonder why the economy has turned sour. Randy suggests a variety of methods of ways everyone can cut back. Without realizing it, he lists a variety of inferior goods for the citizens, which increase demand from decreases in income, like from a recession.

Thanks to Zoe Cook-Nadel for the suggestion!

South Park — Failing Economy

 

Stan’s dad discusses why he believes the economy in South Park is failing. Modeled after the Great Recession, Stan’s dad believes that too many people were buying unnecessary items on credit, but then not being able to pay for those items. Since times are tough, dinner isn’t exactly what the family is expecting. Even though his father believes people wasted a lot of money on things they don’t need, he proceeds to make himself a margarita using his newest blender.

Thanks to Zoe Cook-Nadel for the suggestion!

Beyonce — Irreplaceable

 

Beyonce does a great job discussing just how valuable she is as a partner (inelastic), but that her man isn’t all that special because “I could have another you in a minute” (elastic). These are good lines to talk about perfectly inelastic and perfectly elastic demand.

Thanks to Michael Coon for the recommendation!

Y.N. RichKids — Hot Cheetos and Takis

I reached out to #EconTwitter and asked what songs they like to use to teach different topics in their classes and the results did not disappoint:

Travis didn’t hesitate to reach out and suggest this catchy song about two popular snacks that they enjoy eating. The first question that comes to mind is if the two snacks are complements or substitutes for one another, but I wouldn’t be surprised to see a combination bag from Frito-Lay soon.

Thanks to Travis Roach for the song suggestion.

The Goldbergs — The Ugly Jacket

 

Beverly decides that she wants to pursue her dream of being an entrepreneur and sell her own stylish jackets on QVC. She eagerly whips together several jackets and repeatedly tries to contact QVC, but she is never able to reach them. Beverly’s husband agrees to sell the jackets to the customers at his local furniture store, but he finds that this task is harder than he imagined it would be.

After selling a couch, Murray offers the customer a special half-off price on the jacket. The customer refuses, so Murray continues to lower the price until he gets to the point of offering to give the couch away if he takes the jacket, but, the costumer still refuses this offer. Will Murray is willing and able to sell the jacket, he can’t find suitable buyers who are willing to enter the market. Despite Say’s Law that supply will create demand, he is unable to find customers at even a zero price.

Superstore — Discounting the Lottery

Mateo and Cheyenne discuss what they would do if they won the lottery. The two list a variety of different items they would spend their money on after receiving their income boost. Unfortunately, Sandra tells them about the difference between an annuity and a lump sum payment.

Superstore — Winning the Lottery

What would you do if you won the lottery? This clip fits nicely with two different sections of an economics course. The first is how people respond to income increases in terms of purchasing normal goods or luxury goods. For labor economics, this discussion is a good segue to discussion how increases in income decrease the time people devote to work assuming leisure is a normal good.

Jurassic Park — Coupon Day at the Park

This clip has both the idea of an inelastic good and the idea of price discrimination. I suggest using it when teaching elasticity and then also using it when you teach price discrimination and talk about how they connect!

Here’s the page from the book.

Thanks to James Tierney for the clip and description!

The Simpsons — Valentine’s Day

Homer forgets its Valentine’s Day so he has to rush off to the Kwik-E-Mart to pick up a last minute gift. Seeing that Home is desperate, Apu takes the chance to raise the price on a box of chocolates to $100. Despite Homer’s annoyance, he pays the higher price because he knows he’ll be in trouble if he comes back empty handed. After threatening never to shop their again, Apu offers him a discount on other products to keep him from shopping next door.

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