Chris Young — Beer or Gasoline

Tradeoffs are one topic you can use this video for. With only $3 to his name, Chris needs to decide between a gallon of gas or a 6-pack of beer!

Thanks to James Tierney for the clip and description. For more country videos with economics, check out EconGoneCountry!

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The Daily Show — Moral Hazard

 

Moral hazard occurs when a party that is protected from risk behaves differently from the way it would behave if it were fully exposed to the risk. Here, the last line is a perfect example of moral hazard, when Aasif Mandvi says, “Hey man! You can get drunk and have a great time and it doesn’t matter ‘cuz you’ve got health insurance!” Now students can fall off of keg stands and get hurt but that’s ok, they have health insurance now!

Thanks to James Tierney for the clip and the description!

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TED-ED: Why incompetent people think they’re amazing

 

The Dunning-Kruger effect is an interesting psychological theory that looks at why novices tend to overrate their abilities and even rate themselves on par with experts. This mindset has real implications for decision making because overconfidence made lead us to make suboptimal choices.

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Saturday Night Life — Toys ‘R Us

When teaching students about the different types of firm structures, we always discuss monopolistic competition and how firms try to differentiate their products to get positive economic profits. This short clip shows how Toys R Us is staying open for 87 hours straight to differentiate itself from other toy stores around the holiday season.

Thanks to James Tierney for the clip and description.

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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!

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