Teaching Economics with Media
When introducing money we usually start with a historical lesson on money. Barter economics is always discussed. Here is a funny news item that talks about a man who tried to barter but got arrested. You can also use it to talk about unit of account because they talk about bail being set at 4 alligators.
Thanks to James Tierney for the clip and description.
Garrett and Jonah became roommates after a tornado destroyed Jonah’s apartment, but it turns out that their habits aren’t exactly conducive to being roommates. Garrett passively aggressively lets Jonah know that he’s messy when it comes to taking a shower so he buys Jonah a bathmat. In return, Jonah suggests that he get Garrett a pair of noise-canceling headphones since he’s so bothered by every noise Jonah makes. The two go back-and-forth listing the various ways they annoy each other.
Glenn wanted to see Saw because he thought it was about carpentry, but he quickly realized it was a horror movie. He wasn’t having a good time and even threw up in his lap, but his wife didn’t want to leave because they paid for the ticket and it was date night. Glenn and his wife should have left if they weren’t enjoying their movie since the tickets were non-refundable, but like many people, Glenn and his wife fell for the sunk cost fallacy.
Structural unemployment occurs when the skills and trades are no longer in demand from the general population rather than market fluctuations. Adam’s girlfriend, Amy, quickly points out that his travel agency failed because people use the internet to book travel and no long need travel agents.
This great, short clip comes from one of my principle’s students, Caitlin, this year.
While at an engagement party for Leslie and Ben, Chris starts to experience extreme mood swings and sadness because he’s lonely. Anne tries to cheer him up by bringing him a platter of shrimp. Chris takes a bite of the shrimp and exclaims “That’s amazing” then after taking another bite he says “This one’s not as good.”
This great clip from Friends shows the equity/efficiency tradeoff nicely. It’s also a nice opportunity to bring up the idea of fairness. While splitting a check into equal parts is easier, it’s not always appropriate for people who don’t eat much.
I was watching Parks & Rec with a friend one night and came across this great clip that showed market power of monopolies. Ron & Co. originally reserved 22 white vans from the local rental company for Leslie’s campaign. Right before voting day, the rental agency opted to rent the vans to someone else. A negotiation ensues.
This is a great (and short) clip to help you teach vertical integration.
Here’s a great clip from Parks and Rec about the free market and how capitalism is a beautiful thing.
Ron demonstrates how government taxes interrupt the actions of free markets.