The Simpsons — 3 Kids & No Money

Homer laments of his problem of having no money and three children, but would instead prefer no kids and “3 money.” Kids, thankfully, cannot be used as money, but do represent a tradeoff in that parents could spend their money on other items instead.

Thanks to Nick Covington for the clip!

Narcos — Plato o Plomo

This scene from Narcos shows Pablo Escobar, infamous Columbian drug cartel leader, at the beginning of his career. Before he gets into drug running he smuggled stolen goods and jewels. He is attempting to cross a bridge with loads of merchandise when he stopped by the Columbian National Police (i.e. FBI).

It illustrates negative v. positive incentives. As the title of the clip implies, Pablo provides both incentives and lets the police chose. They let can let him through and he will reward them with stolen goods (plato aka silver) or they can try to stop him and he will kill them and their families (plomo aka lead).

You could also talk about the economic way of thinking from the point of view of the police. They had to weigh the benefits of a possible arrest and confiscation of the stolen goods against the cost of their lives and families lives. Ultimately, they decide the costs outweigh the benefits and let him through.

And then it could be used to talk about tradeoffs – when you choose one thing you are giving up another — so they chose to let him go, but that means they are letting him get away with criminal activity, forgoing the glory of arresting a high profile smuggling, doing something immoral, etc.

Thanks to Erin Yetter for the clip and the description! Check our her website as well.

CNN — Man Loses Life Savings On Carnival Game

Henry Gribbohm lost a few hundred dollars trying to play a carnival game to win an Xbox, but then went home to get his life savings, $2,600, which he then proceeded to spend at the carnival game. Gribbohm claims the game is rigged, but he did walk away with a giant banana with dreadlocks. While humorous at first, it does paint a picture of financial literacy should be an important component of secondary education.

Thanks to Tammy Batson for the suggestion!

Life in Pieces — Flight Vouchers

 

Colleen and Matt are at the airport waiting for their flight, but it’s overbooked. They realize that they can receive flight vouchers for volunteering to wait for the next flight. Throughout the day, they continue to volunteer to be moved to the next flight until the last flight of the day is cancelled. The two end up missing their own wedding, but they are compensated with the “free hotel.” The scene outlines the value of time that people have in their willingness to delay their travel, but it also shows the potential risk of not making it somewhere.

Thanks to Peach for the clip suggestion!

Qwest Communications — Free Wifi

People will go to great lengths to get “free” wifi even though they may not realize the cost associated with the decision. In this commercial for Qwest Communication, they try to offer wifi where people actually want to go.

Brooklyn 99 — Amy’s Time is Worthless

 

Captain Holt has told his squad not to give him any gifts, but he implies that only means if they are planning to purchase him something. Amy tried to find a loophole last year and got caught, but now realizes that the Captain only said they can’t buy him things. She decides to make him a scrapbook and foolishly believes that this counts as a loophole because she believes her time isn’t worth anything. Amy, who is usually pretty levelheaded, is forgetting the opportunity cost of her time.

The Big Bang Theory: Xbox 1 vs. Playstation 4

 

Sheldon weighs the pros and cons of buying one gaming system over the other. He quickly realizes that whichever system he buys means that he won’t be able to get the other system. The opportunity cost of a decision is the value of the next best alternative, but sometimes when two items are closely related it means the buyer may have some buyer’s remorse from selecting the wrong item.

Life in Pieces — Coupons as gifts

Matt isn’t the best at giving gifts and he’s realizing that this year. Matt gives his wife a homemade coupon book that she decides to finally cash in to show him how awful the gifts are. After a while he doesn’t work as hard, but then at family dinner he finds out that no one really appreciates his gifts because it doesn’t seem like he puts much thought into them. There is a small line about positive externalities because Jen got a flu shot for her birthday once, which her husbands announces was “the gift that keeps on giving.”

Life in pieces also has another great clip on opportunity cost that’s worth checking out!

Up ↑