There are two types of people who play the game of Monopoly. There are a batch of people who have their lives together and pay their bills online, but then there are people like Christian Finnegan who are more present-oriented. The present-oriented players tend to be a bit riskier in the hopes of earning large payoffs early in the game.
Original Video here: http://www.cc.com/video-clips/9mxydo/comedy-central-presents-monopoly
Pat Dixon describes how he loves the fifth beer because it makes him look good, which are good qualities for a day drinker. This clip can be used to teach about diminishing marginal utility and increasing marginal cost. For Dixon, the 5th beer is the optimal beer.
Stand up comedian, Richard Jeni, discusses the calculus behind immigrants moving to the country. In the calculation of the net present value of migration, movers are expected to weigh the costs and benefits of a move. Jeni points on that we don’t see Americans leaving by boat, but we do see people risking their lives for an improvement in their lives.
The characters are complaining about Handicar, a service provided by Timmy and how it is stealing all of the transportation business. Mimsy, another driver, adds his two sense by talking about competition. He includes an economist’s take on incentives and how a certain producer can gain economic advantages in a competitive market. This is important to economics because it includes the topics of a competitive marketplace as well as the concepts of advantage in that marketplace.
Thank you for the clip and the summary Taylor Campbell.
Evan Osnos discusses many of the externalities that arise from the increased production of Cashmere in China over the past decade. Osnos explains that cashmere goats in China have sharp hooves that tear up the landscape and create dust, which then travels to the United States and reduces air quality, particularly along the west coast. As cashmere consumption has increased, so has the pollution. Osnos refers to the “real costs” of cashmere items (such as a cashmere toilet seat cover that Colbert has) as including the health care costs for those affected by the dust.
Here’s a lesson plan from SERC: https://serc.carleton.edu/econ/interactive/examples/43020.html