Concepts: Family Pressure, Socialization, Job Opportunities, Wage.
Background: Eve has a job offer in Portugal, and she wants to bring her family (her husband Martin and their two kids) with her. However, Martin’s family is firmly against that idea as their departure would completely change their personal and family lives.
Question: Explain how such family pressure can affect Eve’s decision to move to Portugal. Assume she decides not to go to Portugal. Discuss how this can impact her career, especially her wage today and in the future.
Course Classification: Finance, Money and Banking, Labor Economics
Concepts: debt financing, value of debt
Background: During a car ride, Ioane finds out Hana did not submit her application to the prestigious Juilliard School in New York.
Question: In this clip, we learn that Hana cannot afford college tuition, which encourages her to find the lost treasure. Research the most recent tuition fee for a year at the Juilliard School. Should Hana borrow money to pay tuition? Define the value of debt and explain.
Concepts: Investment in human capital, Monetary and non-monetary costs, Risky investment, Nominal exchange rate.
Background: Polina is addicted to alcohol and just finished a rehabilitation program in a facility. Lyonya, her dad, is picking her up to bring her home.
Question 1: Define what an investment in human capital is. Provide two examples of human capital investment.
Question 2: Why do economists consider rehab an investment in human capital? Why some believe that rehab a risky investment?
Question 3: What costs are involved when somebody checks into a rehabilitation program?
Question 4 (Let’s use data): Lyonya has to pay 52,902 Russian Rubles to cover Polina’s damages in the rehab facility. Compute the US dollar cost Lyonya had to pay to cover Polina’s damages (https://www.xe.com/ ).
Concepts: Income inequality, labor market, education, technological progress
Background: Jinn was shot in the cities of Petra and Amman. In this clip, we meet Hosny’s family, a Bedouin teenager who disappeared from the ancient city and is suspected to be possessed by a spirit. Hosny’s family lives in Petra, in a modest and traditional house. Fahed lives in Amman, the capital and largest Jordan city, in a modern villa with a pool.
Question: Compare the Bedouins’ living conditions with those of Amman’s high schoolers. Explain the societal issue of economic inequality and identify potential causes by comparing Hosny and Fahed’s lifestyles.
Concepts: Option value, decision under uncertainty.
Background: Carlos is offered a spot in a good soccer development academy (Argentinos). However, better academies exist, and Carlos dreams of joining Boca’s Academy, the most prestigious in Argentina. Therefore he has to decide whether to join Argentinos or give up on this opportunity and see whether a better academy will select him.
Question: Discuss the decision process Carlos has to go through to make this decision to join (or not) Argentinos’ academy. What risk is he taking by rejecting Argentinos’ offer?
Concepts: Investment in human capital, net present value.
Background: Carlos and Danilo are young teenagers and it is time for them to make study choices. They could continue with school or try to become professional soccer players by joining a development academy. First, Carlos and Danilo, and then Adrianna and Segundo discuss that choice considering potential future outcomes and how both options are mutually exclusive.
Question: Explain how economists think about making education decisions. Apply this decision-making to Carlos and Danilo’s situation and explain why they both prefer investing in soccer development instead of continuing school.
Background: Many young teenagers dream of becoming soccer stars. However, very few have the chance to even try. To become professional soccer players, young teenagers must join a development academy. Still, very few spots are available, and only the most talented are selected, which creates extreme competition between the teenagers and adds additional pressure on them.
Question: Describe the competitive process among teenagers willing to join development academies.
Background: Jet has some knowledge about mechanics, but he is not a trained expert. This allows him to make some repairs on the spaceship, but they may not always be appropriate. The clip portraits a situation where a mechanical expert looks at and needs to fix an improper repair that Jet made.
Question: Should Jet repair the spaceship on his own? Using the concept of trade-off, discuss the pros and cons of using a professional repair service for somebody who has some knowledge about what needs to be repaired.
Background: In this clip, Zeynep is offered her dream job in London. However, she is also a member of the loyals, the secret society that devotes their lives to help the protector. She finally decides to decline the job offer in London to stay and help the protector in his duties.
Question: Using economics concepts, explain why Zeynep declined the job offer in London.
Background: Emily gets fired by Sylvie. Disconcerted, she shares the news with her coworkers.
Question: Luc and Julien explain to Emily that it is not easy to fire an employee in France. Research employment protection laws in the United States and in France. Explain the impact of greater job security on unemployment rate.
Background: Spike needs intel from the sushi chef, but the sushi chef is not interested in taking risks to get it. However, after Spike shows him a large amount of money, the Sushi chef accepts to look into the information Spike needs.
Question: Why did the money provided by Spike change the sushi chef’s answer? Explain using basic economics concepts.