Opportunity Cost, Tradeoff, Scarcity, Incentives

Clip URL: https://criticalcommons.org/view?m=ZUC2yfPlW
Content warning: Tobacco and alcohol consumption, domestic violence implied
Concepts: Opportunity cost, scarcity, limited resources
Background: Yassin’s mother struggles to pay for his private highschool tuition. However, Yassin’s mother and stepfather are seen spending money on other goods and services such as a birthday cake, alcoholic beverages, a dinner at a restaurant, rent, and food.
Question: Resources are limited and scarce. Define the concept of “opportunity cost” using Yassin’s situation.

Clip URL: https://criticalcommons.org/view?m=waZDWN78z
Concepts: Factors of production, entrepreneurship, tradeoff
Background: At the beginning of the series, Hakan and his friend Memo want to open their own antique shop in Istanbul from scratch.
Question: Which steps will Hakan and Memo follow to open their antique shop?

Clip URL: https://criticalcommons.org/view?m=IpGyrkYoA
Categories: Macroeconomics, microeconomics
Concepts: Human capital, opportunity cost, fiscal policy, fiscal multiplier
Background: William is excited to go to school. However, he learns that his father, Trywell, is struggling with school fee payments.
Question 1: Which factor of production is William contributing to? Use the Solow model and its production function to explain the relationship between this factor of production and the country’s output.
Question 2: Trywell tries to save money for school tuition. What is the opportunity cost of sending William to school?
Question 3: Should the Malawian government pay all pupils’ school fees? Using the fiscal multiplier, explain why some countries spend money on education programs.

Clip URL: https://criticalcommons.org/view?m=X64cyK4p9
Concepts: Opportunity cost of time.
Background: Mia has scheduled an appointment with Prof. Lorenz for a potential research assistant position. She talks with her friends about her long working hours in the lab and how it may affect her leisure and study time.
Question: If she accepts to take the research assistantship job, what is Mia sacrificing? Justify your answer by using a course concept.

Clip URL: https://criticalcommons.org/view?m=9J8vWyDY9
Concepts: unemployment
Background: After Jenny’s maternity leave ends, her husband Ian decides to quit his job and stay home with their daughter. Frankie quits her job at a wellness center. Anne’s bosses discover that she has been working for both their companies and is being laid off from both jobs. She becomes depressed from the news.
Question: Neither Ian, Frankie, nor Anne is working. Which one(s) of them are considered unemployed?

Clip URL: https://criticalcommons.org/view?m=Ztp4EhreF
Concepts: Incentives, extrinsic motivation, opportunity cost.
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.

Clip URL: https://criticalcommons.org/view?m=quJnMVwZ9
Concepts: Opportunity cost of time, best response strategy
Background: Eniola is campaigning to convince people to vote for her. However, as she is not the only candidate, other aspirants and their teams could potentially react to reduce Eniola’s campaign’s efforts.
Question: What could be some strategies Eniola’s competitors could implement in this situation? Can the strategies be applied at the same time? How could they select the appropriate strategy(ies)?

Clip URL: https://criticalcommons.org/view?m=CJ1F6wJJO
Concepts: Opportunity cost of time, labor participation
Background: Journalist Dapo Banjo decides not to investigate a time-sensitive matter, to take care of his son instead. Conciliating career and childcare is a dilemma most families must navigate.
Question: Using course concepts, discuss how having to provide childcare impacts labor market decisions.

Clip URL: https://criticalcommons.org/view?m=flTEp4deg
Concepts: Tradeoff, opportunity cost.
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.

Clip URL: https://criticalcommons.org/view?m=RfOrOKyrl
Content warning: Infrequent use of mild language.
Concepts: Incentives, opportunity cost
Background: Harriet needs a piece of information that requires a government agent’s help. When she asks him directly, he refuses. However, when Sami and Mustafa ask with a physical threat, he accepts.
Question: Explain in economic terms why the government agent provided differents answers to Harriet, and Sam and Mustafa.

Clip URL: https://criticalcommons.org/view?m=PDW380V5n
Concepts: Skilled labor, trade–off, productivity.
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: If Jet repairs the spaceship himself, would it be counted in the Gross Domestic Product (GDP)? What about if he pays a professional repair service?

Clip URL: https://criticalcommons.org/view?m=eS4mbpDUx
Concepts: Decision-making, opportunity cost, alternatives, trade-off.
Background: Faye does not know her origins. However, she has just discovered some information that could lead to finding more about where she comes from. At the same time, Jet needs her help to save Spike. She must decide whether to follow one or the other path.
Question: Explain how economists would recommend Faye to make this decision.

Published On November 17, 2022

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